1989 Ed.] Solicitors (Professional Indemnity) Rules
[CAP. 159
M3
[Subsidiary]
"fund" means the fund referred to in rule 3; "gross fee income" means---
(a) all professional fees, remuneration, commission and charges of any kind whatsoever which are rendered in connection with the indemnified's Practice; and
(b) all income derived by any service, administrative or trustee company (other than any company which accepts moneys for investment other than as a trustee) or trust in so far as its activities are carried out solely in connection with the Practice but excluding any income derived by any company within this paragraph for services rendered to the indemnified's Practice or to any other company within this paragraph where and to the extent that such income is included in the gross fee income of the indemnified's Practice or of such other company as aforesaid;
"indemnified" means the firm, or any principal in the firm, any person employed in or in connection with the Practice (including any assistant solicitor, any solicitor who is a consultant in the firm, and any articled clerk), any solicitor who has ceased by reason of death, retirement or otherwise to practise as principal in the firm, any former employee employed in or in connection with the Practice (including any assistant solicitor, any consultant and any articled clerk as aforesaid) and the estate and the legal representatives of any of the foregoing, and also includes any service, administrative or nominee company or trust insofar as its activities are carried out in connection with the Practice;
"Indemnity" means the indemnity to which the indemnified or a former solicitor is entitled under rule 10;
"indemnity period" means a period (being a period during which either Indemnity or insurance under any Master Policy or former Master Policy has been or is being provided) commencing on 1 October in any year and expiring on 30 September in the following year, both days inclusive;
"Master Policies" means the first Master Policies and the second Master Policies, and Master Policy means any of such policies;
"panel solicitor" means a firm of solicitors appointed by the Company to act on behalf of an indemnified or a former solicitor in respect of any claim against the indemnified or a former solicitor covered under this Professional Indemnity Scheme;
"period of indemnity" means the period specified in the receipt issued under rule 9 or in the case of a former solicitor means the indemnity period;
"Practice" means the business of practising as a solicitor (including the acceptance of obligations connected with and incidental to such practice as trustee, executor, attorney acting under a power of attorney, tax agent, patent agent, trade-mark agent, company secretary or company director) undertaken by the indemnified or his predecessor in business alone or with others.