Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On 31 January 2021, SA Attorneys made a trust investment from trust money not immediately required for any particular purpose in terms of the Legal
On 31 January 2021, SA Attorneys made a trust investment from trust money not immediately required for any particular purpose in terms of the Legal Practice Act 28 of 2014. Which one of the following statements is incorrect for the above type of investment? A. The investment enjoys protection from the Legal Practitioners Fidelity Fund. B. 5% of trust interest earned will be paid on an annual basis to the Legal Practitioners Fidelity Fund as provided for by Rule 54.14.16.3 made under the authority of Section 95(1) of the Legal Practice Act 28 of 2014. C. Interest accrued must, in the case of money deposited in terms of this subsection, be paid over to the Legal Practitioners Fidelity Fund and vests in the Legal Practitioners Fidelity Fund. D. The Legal Practice Act 28 of 2014 requires that the bank statements be endorsed with a reference to the applicable section of the Legal Practice Act 28 of 2014
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started