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Attorneys Act, 1979 (Act No. 53 of 1979)

Chapter II : Fidelity Fund

38. Certificate in respect of liabilities of fund and investment of money in fund

 

(1) The board of control shall appoint an actuary to determine on or before 31 March in any year the amount which in that actuary's opinion will be required during the next ensuing year ending on 31 December, for the purposes of the fund's obligations in terms of section 45, and such actuary shall furnish the board of control, on or before the first-mentioned date, with a certificate setting out the amount so determined.

 

(2) The board of control shall within 30 days after receipt thereof submit such certificate to the Minister, and the Minister shall, after receipt of the said certificate, determine the amount which in his opinion will be required during the said ensuing year for the purposes referred to in subsection (1).

 

(3) Such money in the fund as exceeds the amount determined under subsection (2) may be invested in the manner prescribed under section 81(2)(b).

 

(4) So much of the amount determined in terms of subsection (2) as is not immediately required for the purposes referred to in subsection (1) in any financial year, as well as so much of the money referred to in subsection (3) as is not invested as contemplated in that subsection, shall, subject to the provisions of section 46, be invested in such Government and other securities as may be prescribed.

 

[Section 38 amended by section 2 of Act No. 80 of 1985]