Choose the true statement about regulation of lawyers by provincial law societies.

Lawyers maintain a minimum amount of liability insurance to protect their financial interests and not because law societies require them to do so.

Provincial law societies provide the exclusive venue for clients to receive financial compensation for the adverse actions of their lawyers.

A law society's mandate includes the disposition of complaints about lawyers' conduct.

Provincial law societies may find lawyers guilty of misconduct and sentence the lawyer to time in prison.

Penalties for lawyers found guilty of misconduct only include reprimand, fine, and suspension.