DEFAULTING SOLICITORS.

King Country Chronicle, Volume XXIII, Issue 3075, 5 November 1929, Page 5

DEFAULTING SOLICITORS.

FIDELITY GUARANTEE FUND. BILL APPROVED BY COMMITTEE. Minor amendments have been made by the Statutes Revision Committee of the House of Representatives to the Law Practitioners Amendment (Solicitors' Fidelity Guarantee Fund) Bill. It is proposed to establish a fund built up by annual subscriptions from solicitors for the purpose of reimbursing persons who may suffer pecuniary loss by reason of theft by a solicitor. Moneys in the fund that are not immediately required may be invested in any manner in which the trustees are for the time being authorised to invest the fund. The committee has struck out an alternative allowing the Council of the New Zealand Law Society to invest such surplus money as it thinks fit. Another sub-clause struck out provided that the income derived from the investment of the fund while the fund exceeded £IOO,OOO might be paid into the general account of the Law Society, and be available for any of its purposes. The Bill further provided that no solicitor or barrister should have any claim against the fund in respect of any thefts committed by any solicitor; but the committee has also deleted that reference. With these amendments the committee recommends that the Bill should be allowed to proceed. The Bill originated in the Legislative Council