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It is an independent statutory
authority. It is not a government department nor is it part of the
Law Society of South Australia.
How
is the Board funded?
It is
funded by the Guarantee Fund which is a fund maintained by the Law
Society of South Australia and consists of;
- A proportion of interest earned from deposits in the combined
trust account (the combined trust account is maintained by payments
of certain deposits from practitioners' trust accounts).
- Money recovered by the Law Society in relation to claims
against the Guarantee Fund
- A prescribed proportion of fees paid by lawyers for their
Practising Certificates or for interstate practitioners setting
up office in this state;
- in addition to certain costs recovered and any fees paid to
the Board.
No payment
can be made from the Guarantee Fund except with authorisation of
the Attorney-General.
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