Notification requirements for general trust accounts
50 Notification requirements for general trust accounts
Not later than 14 days after establishing a general trust account, a law practice must give the law society council written notice of the establishment of the account.
A law practice—
either before, or not later than 14 days after, authorising or ending the authority of an associate of the practice or an Australian legal practitioner—
to sign cheques drawn on a general trust account of the practice; or
otherwise to effect, direct or give authority for the withdrawal of money from a general trust account of the practice;
must give the law society council written notice of the authorisation or ending of authorisation (including the name and address of the associate or practitioner and indicating, in the case of an associate, whether the associate is an employee of the practice); and
during July of each year, must give the law society council written notice of the associates and Australian legal practitioners (including their names and addresses) who are authorised, as at 1 July of that year:
to sign cheques drawn on a general trust account of the practice; or
otherwise to effect, direct or give authority for the withdrawal of money from a general trust account of the practice.
Not later than 14 days after the closure of a general trust account kept by it, a law practice must give the law society council written notice of the closure.
A notice under this section given by a law practice must include particulars sufficient to identify the general trust accounts of the practice.
In this section—
law practice includes a former law practice and the people who were principals of a law practice immediately before the law practice stopped existing as a law practice or engaging in legal practice in the ACT.
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