Lawyers and Conveyancers Act 2006

Miscellaneous provisions - Transitional provisions relating to Solicitors' Fidelity Guarantee Fund

369: Application of Solicitors' Fidelity Guarantee Fund on winding up

You could also call this:

"What happens to the Solicitors' Fidelity Guarantee Fund when it is closed down"

Illustration for Lawyers and Conveyancers Act 2006

When the Solicitors' Fidelity Guarantee Fund is wound up, the New Zealand Law Society stops holding its remaining assets in trust for the purposes in Part 9 of the Law Practitioners Act 1982. You need to know the assets are then used in a specific way. The New Zealand Law Society applies the assets according to the rules. The fund's remaining money is split into parts. One-third goes into the Lawyers' Fidelity Fund. The other two-thirds are held in trust by the New Zealand Law Society. The two-thirds held in trust are used by the New Zealand Law Society to carry out its functions under section 66, which is about representative functions.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM367874.

This page was last updated on 4 January 2026 — View changes

Topics:

Money and consumer rights > Consumer protectionWork and jobs > Job licenses

368: Completion of determination of claim, or

"When a claim is finally decided and what happens next"

370: Repeal of provisions relating to Solicitors' Fidelity Guarantee Fund, or

"Some old law rules about solicitors are being removed."

Part 11Miscellaneous provisions
Transitional provisions relating to Solicitors' Fidelity Guarantee Fund

369Application of Solicitors' Fidelity Guarantee Fund on winding up

From the commencement of the date on which the Solicitors' Fidelity Guarantee Fund is deemed to be wound up, any remaining assets of the fund cease to be held by the New Zealand Law Society in trust for the purposes appearing in Part 9 of the Law Practitioners Act 1982 and must be applied by the New Zealand Law Society in accordance with subsection (2).
The residue of the fund and any other money produced by the realisation of the other remaining assets of the fund must be applied as follows:
one-third must be paid into the Lawyers' Fidelity Fund to be held and applied as part of that fund:
the other two-thirds must be held in trust by the New Zealand Law Society to be applied by that society in carrying out its functions under section 66 (representative functions).