Section 10E: Shares in law firm

10E. Shares in law firm (1) (a) No person other than a law practitioner or a legal consultant shall hold shares in a law firm. (b) No shares in a law firm may be held by a person as nominee for another person. (2) No person shall transfer or dispose of shares in a law firm except in accordance with its constitution and such other conditions as may be prescribed. (3) No security may be created over any share in a law firm. L8 – 9 [Issue 2] Law Practitioners Act (4) (a) A law practitioner who, pursuant to disciplinary proceedings, is struck off the Roll, shall not hold any shares in a law firm. (b) The Attorney-General may, on application of the law practitioner referred to in paragraph (a), or that of the law firm, grant the law practitioner a grace period of not more than 6 months to dispose of his shares in the law firm. (c) Subject to paragraph (b), a law practitioner referred to in paragraph (a) shall not, directly or indirectly, exercise any voting rights attached to his shares or take part or be concerned in the management or practice of the law firm. (d) A law practitioner who, pursuant to disciplinary proceedings, is suspended from practice shall forfeit all his rights in the law firm during the period of suspension. (5) Any transfer or disposal of shares made in contravention of this section shall be null and void. [S. 10E inserted by s. 6 of Act 8 of 2008 w.e.f. 15 December 2008.]