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Fidelity Fund Certificates – Lawful Requirements

The Council of the LSN, at various meetings / sessions during its term discussed, inter alia, the lawful requirements of the Law Society, as stated in Section 68(3)(b) of the Legal Practitioners Act, in respect of the issuing of Fidelity Fund Certificates.

An applicant should comply with the following lawful requirements in order to be issued with a Fidelity Fund Certificate:

  1. Submit a duly completed application form
  2. Provide the duly approved (by LSN) name and style of practice
  3. Provide the form or intended form of practice (sole practitioner / partnership / firm incorporated in terms of the 
Companies Act)
  4. Provide proof of compliance with Rules 17, 18, 19 and 24 of the LSN Rules

Furthermore, a Fidelity Fund Certificate shall, inter alia, contain the following information congruent with the lawful requirements:

  1. Name of legal practitioner(s)
  2. Name and style of practice
  3. Form of practice
  4. Date of validity of certificate
  5. Period of certificate
Fidelity Fund Exemption Certificates – Conditions

The Council of the LSN, at various sessions during its term considered the conditions of applications in terms of Section 67 of the Legal Practitioners Act – and the LSN’s responsibility to exercise its duties and functions in accordance with its enabling legislation taking into account the profession as a whole.

The following conditions are effective from 1 September 2013:

1.  A legal practitioner applying for a Fidelity Fund Exemption Certificate must:
     a.  state the name and style of practice 
     b.  state the form in which he/she will practice
     c.  make a declaration in terms of section 67(2) (a) or (b), whichever is applicable

2.  As from 1 September 2013 legal practitioners with exemption certificates must:  
     a.  keep a dedicated business account in relation to their practice  
     b.  issue invoices for services rendered  
     c.  keep books of account that are written up and balanced monthly; and  
     d.  submit to periodic compliance monitoring by the LSN
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