Solicitors Act 1974

7 All money from time to time forming part of the fund and all investments of the fund shall be applicable—

(a) for payment of any costs, charges and expenses of establishing, maintaining, administering and applying the fund;

(b) for payment of any premiums on insurances effected by the Society under paragraph 5 ;

(c) for repayment of any money borrowed by the Society for the purposes of the fund and for payment of interest on any money so borrowed;

(d) for payment of any grants which the Society may make under section 36 ;

(e) for payment of all costs, charges and expenses incurred by the Society by virtue of paragraph 1(1)(a) of Schedule 1 and of any costs or damages incurred by the Society or its employees or agents as a result of proceedings against the Society or its employees or agents for any act or omission done or made by it or them in good faith and in the execution or purported execution of the powers conferred by Part II of Schedule 1 ;

(f) for payment of any other sums properly payable out of the fund by virtue of section 36 or this Schedule.