Legal Practice Act, 2014 (Act No. 28 of 2014)

Chapter 6 : Legal Practitioners' Fidelity Fund

Purchase

(1)	In addition to the powers conferred upon it in this Act, and in the furtherance of the purpose of the Fund, the Board may—

(a)	invest any monies which are not required for immediate use in government and other securities as may be prescribed by regulation, as provided for in section 72(3);

(b)	insure itself against risk;

(c)	conclude agreements;

(d)	institute or defend legal proceedings;

(e)	as determined in the rules, inspect or cause to be inspected the accounts of any attorney or an advocate referred to in section 34(2)(b);

(f)	make rules relating to—

(i)	contributions to the Fund and the issuing and costs of Fidelity Fund certiﬁcates;

(ii)	the procedure for the appointment of the executive officer and other employees; and

(iii)

any other matter concerning the Fund;

(g)	make an arrangement with any bank for the keeping of trust accounts opened in terms of section 86(2) and for the investment of money in separate trust savings or other interest bearing accounts opened in terms of section 86(3) and to provide for one or more of the following:

(i)	The payment of interest to the Fund on the whole or any part of the money deposited in terms of section 86(2) and the money invested in terms of section 86(3) and (4), as contemplated in section 86(5);

(ii)	the manner in which the Fund is informed of amounts held in the accounts opened in terms of section 86(2), (3) and (4);

(iii)

the auditing of interest calculations and account balances in the accounts opened in terms of section 86(2), (3) and (4) in the bank accounts; and

(iv)	any other relevant matter;

(h)	consider claims against the Fund;

(i)	through any person authorised thereto in writing by the chairperson of the Board, institute a prosecution for the misappropriation or theft of property or trust money, and the provisions of the laws relating to private prosecutions apply to such prosecution as if the Board is a public body;

(j)	delegate to any of its employees the duty, subject to conditions that may be imposed by the Board, to consider any claims against the Fund; and

(k)	generally take any other steps and perform any other acts as may be necessary for or conducive to the achievement of the objects of the Fund.

(2)	The Board must appoint an executive officer to—

(a)	perform or exercise the powers and functions determined by the Board;

(b)	supervise the employees of the Board; and

(c)	account for the assets and liabilities of the Board.

(3)	The Board may appoint any other employees as it deems necessary to assist the executive officer.

(4)	The procedure for the appointment of the executive officer and other employees must be determined by the Board.

(5)	The need for the staff of the Board to reﬂect—

(a)	the racial and gender composition of South Africa; and

(b)	representation of persons with disabilities,

must, as far as is practicable, be considered when the executive officer and other employees are appointed in terms of this section.

(6)	The Board must determine the conditions of service of the executive officer and the other employees of the Board.