sec.76Capped amount— Act , s 396

### sec.76 Capped amount— Act , s 396 For the Act , section 396 (5) , definition capped amount , the amount prescribed for a claim is $200,000. However, if more than 1 claim is to be paid from the fidelity fund in relation to a particular law practice for a default, the amount prescribed for each claim is the lesser of— $200,000; or the amount apportioned by the law society for the claim from a total amount of $2m to be paid from the fund for all of the claims in relation to the law practice for the default. In apportioning amounts for claims under subsection (2) (b) , the law society must— have regard to the amount that would have been paid from the fund for each claim if the payments were not limited under the Act , section 396 ; and have regard to cases of hardship if it knows relevant information; and endeavour to apportion the amounts equitably. s 76 sub 2021 SL No. 39 s 5 (sec.76-ssec.1) For the Act , section 396 (5) , definition capped amount , the amount prescribed for a claim is $200,000. (sec.76-ssec.2) However, if more than 1 claim is to be paid from the fidelity fund in relation to a particular law practice for a default, the amount prescribed for each claim is the lesser of— $200,000; or the amount apportioned by the law society for the claim from a total amount of $2m to be paid from the fund for all of the claims in relation to the law practice for the default. (sec.76-ssec.3) In apportioning amounts for claims under subsection (2) (b) , the law society must— have regard to the amount that would have been paid from the fund for each claim if the payments were not limited under the Act , section 396 ; and have regard to cases of hardship if it knows relevant information; and endeavour to apportion the amounts equitably. - (a) $200,000; or - (b) the amount apportioned by the law society for the claim from a total amount of $2m to be paid from the fund for all of the claims in relation to the law practice for the default. - (a) have regard to the amount that would have been paid from the fund for each claim if the payments were not limited under the Act , section 396 ; and - (b) have regard to cases of hardship if it knows relevant information; and - (c) endeavour to apportion the amounts equitably.