C1Part IVSolicitors
90 The Compensation Fund: incorporated practices.
In paragraph 6 of Schedule 2 to the M1Administration of Justice Act 1985 (payments into the Compensation Fund by bodies recognised under section 9 of that Act), the following sub-paragraphs shall be substituted for sub-paragraph (1)—
1
On an application under section 9 of this Act a body corporate shall pay to the Society, with any fee required to be paid by virtue of subsection (2)(a) of that section, a contribution to the Compensation Fund of such amount as the Council may from time to time determine.
1A
On being required to do so by the Society, every recognised body shall pay a further contribution to the Compensation Fund of such amount as the Council may from time to time determine.
1B
The Society may only require a contribution under sub-paragraph (1A) if—
a
the recognised body has held or received clients’ money at any time within the twelve-month period; and
b
no such contribution has been required from that body within that period.
1C
In sub-paragraph (1B) “the twelve-month period”, in relation to any requirement for payment of a further contribution, means the period of twelve months ending immediately before the day on which the requirement is imposed.
1D
Schedule 2 to the 1974 Act shall apply to amounts paid to the Society in pursuance of sub-paragraph (1) or (1A) of this paragraph as if they were annual contributions or special levies paid in pursuance of paragraph (a) or (b) of paragraph 2(1) of that Schedule.
Pt. 4: transfer of functions (19.8.2003) by The Secretary of State for Constitutional Affairs Order 2003 (S.I. 2003/1887), arts. 4, 5, Sch. 1 (with arts. 6, 8)