Statements about receipt or holding of trust money
65 Statements about receipt or holding of trust money
The law society council may, by notice given under this section, require a law practice to give the law society council a statement—
stating whether or not the practice has during a stated period received or held trust money; and
if it has received or held trust money during the period, stating to which of the following categories the trust money belongs:
general trust money (other than that mentioned in subparagraphs (ii) to (iv));
controlled money;
transit money;
money subject to a power.
A notice may be given to apply in relation to 1 or more periods (whether occurring annually or otherwise), and may be withdrawn or amended by a further notice.
A notice may state the time by which or the period during which the requirement must be complied with.
A notice is given to—
a particular law practice by sending the notice by post to the practice; or
a particular class of law practices by publishing the notice in a circular distributed generally to law practices of the class or in a magazine or other publication available generally to law practices of the class.
A law practice—
must comply with a requirement imposed on it under this section and must do so by the time or during the period stated in the notice for compliance; and
must not include in the statement any information that is false or misleading in a material particular.
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