Establishment of general trust account—Act, s 221 (2)
37 Establishment of general trust account—Act, s 221 (2)
A law practice may at any time establish a general trust account that satisfies the requirements of this section.
However, a law practice must, as soon as practicable after receiving trust money that is required to be paid into a general trust account, establish a general trust account that satisfies the requirements if the practice does not already have a general trust account that satisfies the requirements.
A general trust account satisfies the requirements of this section if—
the account is established in the ACT, before or after the commencement of this section, with an approved ADI; and
the account is and must be kept in the ACT; and
the name of the account includes—
the name of the law practice or the business name under which the law practice engages in legal practice; and
the expression “law practice trust account” or “law practice trust a/c”; and
the account is of a kind that is for the time being approved by the law society council.
Subsection (3) (c) does not apply to an account established in the ACT before the commencement of this section.
Subsection (3) (c) (ii) does not require the repetition of the words “law practice” if those words form part of the name or business name of the law practice.
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