CAP. 159] Solicitors (Professional Indemnity) Rules
[Subsidiary]
[1989 Ed.
others, provided always that wherever any fees or other income accrue therefrom they inure to the benefit of that business;
"principal" means a partner or sole practitioner of a firm and shall also include any solicitor holding out as such a partner or sole practitioner;
"Professional Indemnity Scheme" means the professional indemnity scheme set out in these rules, as from time to time amended by agreement between the Society and the Company;
"related costs" means all costs and expenses incurred with authorized insurers' or the Company's consent in the defence or settlement of any claim against the indemnified or a former solicitor;
"relevant date" means the date when a claim for which Indemnity is provided is first made against the indemnified or a former solicitor or the date, if earlier, when circumstances which might give rise thereto first came to the notice of the indemnified or a former solicitor;
"second Master Policies" means the 3 professional indemnity insurance policies entered into between the Society and authorized insurers effective on 1 October 1987;
"unqualified staff" means persons who are not solicitors.
3.
The fund
(1) The Society is hereby authorized to establish and maintain a fund in accordance with the provisions of these rules.
(2) Subject to these rules, the fund shall provide indemnity against such loss as is mentioned in section 73A(1) of the Ordinance, in respect of the first indemnity period and each subsequent indemnity period.
(3) The second Master Policies taken out and maintained and the certificates of insurance issued under such second Master Policies shall continue to provide cover subject to and in accordance with their terms in respect of their respective periods up to and including 30 September 1989.
4.
Establishment and maintenance of the fund
The fund shall be established and maintained by contributions which shall be made or caused to be made by solicitors in respect of the first and each subsequent indemnity period in accordance with the provisions of Schedule 1.
5.
Management and administration of the fund
The fund shall be held, managed and administered in accordance with the provisions of Schedule 2 by the Company.