Article XIX

Article XIX - Legal Protection Fund

The Association of REALTORS shall maintain a Legal Protection Fund.

Section 1. Authority. The Association of REALTORS shall maintain a Legal Protection Fund.

Section 2. Purpose. The Legal Protection Fund shall be established for the purpose of protecting and defending the Association, its Officers, Directors, Members and Employees, past and present, in litigation or judicial actions not covered by, or beyond the scope of, recognized Errors and Omissions insurance coverage, in such matters as are considered by the Board of Directors to be in the best interests of the Association and/or the Florida Association of REALTORS and/or the NATIONAL ASSOCIATION OF REALTORS.

Section 3. Appointment of a Committee.

  1. (a) Seven Past Presidents of the Association, or other Boards/Associations in the State of Florida, all of whom shall be REALTOR Members of the Association, shall serve as the Legal Protection Fund Committee.

Section 4. Financing and Maintenance of the Fund. The financing of the Legal Protection Fund shall be from dues or special assessments, paid by all REALTOR and REALTOR-Associate Members and shall be a budget item. The fund shall be maintained at a level to be determined by the action of the Board of Directors, annually. All funds set aside for this purpose must be maintained in a separate account which shall be set aside exclusively for use in accordance with the purpose of the fund. The Legal Protection Committee will be responsible for the Administration of the Fund and will be accountable to the Board of Directors for all disbursements. All decisions relative to disbursement of funds will be subject to ratification by the Board of Directors.