(1) Where the amount at credit in a fidelity fund is insufficient to pay the amount of all claims against it which have been allowed or in respect of which orders of the court have been made, the amount at credit in the fund shall, subject to subsection (2) of this section be apportioned between the claimants in such a manner as the Commission thinks equitable, and any claim that then remains unpaid shall be charged against future receipts of the fund and paid out of the fund when moneys are available.
(2) Where the aggregate of all claims made in relation to defalcations by or in connection with a member company or member firm exceeds the total amount which may, under section 110(2) be paid under this Part in respect of that member company or member firm, then the total amount shall be apportioned between the claimants in such manner as the council thinks equitable.
(3) Upon payment out of the fund of all the claims and all other claims against the fund which may later arise or be made in respect of defalcations by or in connection with the member company or member firm, the member company or firm shall be absolutely discharged.