Examples of Legal Practice Act in a sentence
Interest earned on funds so invested will, subject to the provisions of section 86(5)(b) of the Legal Practice Act, accrue to the Purchaser and be paid to him on the Transfer Date after deduction of the investment fee due to the Transferring Attorney.
In the event that the PURCHASER wishes to obtain financing for only a portion of the purchase price, an initial deposit of R5 000,00 (FIVE THOUSAND RAND) will be paid on date of acceptance of this offer by the SELLER which amount will be paid into the trust account of the CONVEYANCERS to be held by the CONVEYANCERS in a special interest bearing trust account in terms of the provisions of Section 86(4) of the Legal Practice Act, No 28/2014 at a financial institution of their choice.
In the event that the PURCHASER wishes to finance the full purchase price, the PURCHASER shall, on acceptance of this AGREEMENT by the SELLER, pay an initial deposit of R5 000,00 (FIVE THOUSAND RAND) which will be paid into the trust account of the CONVEYANCERS to be held by the CONVEYANCERS in a special interest bearing trust account in terms of the provisions of Section 86(4) of the Legal Practice Act, No 28/2014 at a financial institution of their choice.
In the event that the PURCHASER does not wish to obtain any loan financing, the PURCHASER shall, on acceptance of this AGREEMENT by the SELLER, pay into the trust account of the CONVEYANCERS an initial deposit of R20 000,00 (TWENTY THOUSAND RAND) to be held by the CONVEYANCERS in a specialinterest bearing trust account in terms of the provisions of Section 86(4) of the Legal Practice Act, No 28/2014 at a financial institution of their choice.
You agree that we are also entitled to recover from you the fees and commissions that attorneys charge us on an attorney/client basis: • for collections work as prescribed under the Legal Practice Act 28 of 2014; and • for legal proceedings to recover your debt, as determined by the court, if not agreed.
The Reservation Deposit shall be invested by the Transferring Attorney in an interest-bearing account as contemplated in section 86(4) of the Legal Practice Act until the same is paid to the Agent in accordance with the mandate given by the Purchaser to the Transferring Attorney in clause 23 below.
The Purchaser hereby gives consent to the conveyancers in terms of Section 86(4) of the Legal Practice Act, Act 28 of 2014 to invest the payments received in trust on an interest bearing account at a recognised banking institution as agreed with the Seller, provided that the Purchaser is entitled to the interest benefit of the investment in trust, subject to standard administrative charges and subject to any costs that can be offset against the interest earned.
Interest earned on the Reservation Deposit prior to payment thereof to the Agent will, subject to the provisions of section 86(5)(b) of the Legal Practice Act, accrue to the Purchaser and be paid to him on the Transfer Date after deduction of any investment fee which may be due to the Transferring Attorney.
The Transferring Attorneys are authorised to invest all funds deposited by the Purchaser and not required immediately in an interest- bearing account in terms of Section 86(4) of the Legal Practice Act 28 of 2014 (“LPA”) and approved in terms of the LPA, upon receipt by the Transferring Attorneys of proof of payment by the Purchaser together with the required Financial Intelligence Centre Act, 38 of 2001 ("FICA") documentation.
The Transferring Attorney shall refund to the Purchaser’s nominated bank account such amounts as remain in trust with the Transferring Attorney after deduction of a portion of the interest accrued liable to the Legal Practitioners’ Fidelity Fund in terms of Section 86(5)(b) of the Legal Practice Act and the attorney’s investment fee.