Law practice to deposit part of trust money with law society
71 Law practice to deposit part of trust money with law society
If the notional amount standing to the credit of the general trust account kept by a law practice on the day immediately before a date fixed by the Attorney-General under subsection (5) is not less than $3 000, the law practice must deposit, within 1 month after that day, with the law society an amount that is equal to 2/3 of that notional amount.
If, on the last day of a trust accounting year—
the notional amount standing to the credit of the general trust account kept by a law practice is not less than $3 000; and
no trust money of the law practice is on deposit with the law society;
the law practice must deposit, within 3 months after that day, with the law society an amount equal to 2/3 of the notional amount referred to in paragraph (a).
If, on the last day of a trust accounting year —
trust money of a law practice is on deposit with the law society; and
the amount of the money is less than 2/3 of the total of the amount of the money and the notional amount standing on that day to the credit of the general trust account kept by the law practice;
the law practice must deposit, within 3 months after that day, with the law society the amount that will bring the amount of the money on deposit with the law society to an amount equal to 2/3 of the total mentioned in paragraph (b).
Subsections (2) and (3) do not apply in relation to a trust accounting year that ends before the day fixed for subsection (1).
The Attorney-General may fix a day for subsection (1).
The fixing of a day under subsection (5) is a notifiable instrument.
Note A notifiable instrument must be notified under the Legislation Act.
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