349Sufficiency of fidelity fund

349 Sufficiency of fidelity fund (1) If the law society council is of the opinion that the fidelity fund is likely to be insufficient to meet the fund’s ascertained and contingent liabilities, the council may do any or all of the following: (a) postpone all payments relating to all or any class of claims out of the fund; (b) impose a levy under section 324 (Levy to supplement fidelity fund); (c) make partial payments of the amounts of 1 or more allowed claims out of the fund with payment of the balance being a charge on the fund; (d) make partial payments of the amounts of 2 or more allowed claims out of the fund on a proportionate basis, with payment of the balance ceasing to be a liability of the fund. (2) In deciding whether to do any or all of the things mentioned in subsection (1), the law society council— (a) must have regard to hardship, if relevant information is known to the council; and (b) must endeavour to treat outstanding claims equally and equitably, but may make special adjustments in cases of hardship. (3) If the law society council declares that a decision is made under subsection (1) (d)— (a) the balance stated in the declaration stops being a liability of the (b) the council may (but need not) at any time revoke the declaration in relation to either all or a stated part of the balance, and the balance or that part of the balance again becomes a liability of the fund. (4) A decision of the law society council made under this section is final and is not subject to appeal or review.