Conditions on approval of ADIs—Act, s 250 (2)
31 Conditions on approval of ADIs—Act, s 250 (2)
The kinds of conditions that may be imposed on an approval of an ADI under the Act, section 250 (Approval of ADIs for pt 3.1) are conditions that provide for, or conditions that require arrangements to be negotiated and entered into between the ADI and the law society council that provide for, 1 or more of the following:
the payment of interest to the law society council on the whole or part of deposits in trust accounts;
the way in which the law society council is told about amounts held in trust accounts;
the auditing of balances in trust accounts;
the keeping of any trust accounts or only trust accounts of a particular class (for example, controlled money accounts);
any matters relevant to paragraphs (a) to (d).
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