New Zealand Legislation: Acts

304 Purpose

• The purpose of this Part is—

  • (a) to require the New Zealand Law Society to establish and maintain, by practice rules, a fidelity fund to provide for the compensation, in whole or in part, of persons who suffer pecuniary loss as a result of a claim event arising from the action of a person who is—

    • (i) a lawyer to whom, or an incorporated law firm to which, this Part applies; or

    • (ii) the agent of a lawyer to whom, or an incorporated law firm to which, this Part applies; and

  • (b) to require the New Zealand Society of Conveyancers to establish and maintain, by practice rules, a fidelity fund to provide for the compensation, in whole or in part, of persons who suffer pecuniary loss as a result of a claim event arising from the action of a person who is—

    • (i) a conveyancing practitioner to whom, or an incorporated conveyancing firm to which, this Part applies; or

    • (ii) the agent of a conveyancing practitioner to whom, or an incorporated conveyancing firm to which, this Part applies.