Notification requirements regarding general trust accounts
50 Notification requirements regarding general trust accounts
Within 14 days after establishing a general trust account, a law practice must give the designated local regulatory authority written notice of that fact.
During July in each year, a law practice must give the designated local regulatory authority written notice of the associates and Australian legal practitioners (including their names and addresses) who are authorised, as at 1 July in 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,
except to the extent that this information has already been provided (or that the law practice reasonably expects to be included) in an external examiner’s report under section 159 of the Uniform Law.
Within 14 days after the closure of a general trust account maintained by it, a law practice must give the designated local regulatory authority written notice of that fact.
A notice under this rule given by a law practice must include particulars sufficient to identify the general trust accounts of the practice.
In this rule, law practice includes a former law practice and the persons who were principals of a law practice immediately before the practice ceased to exist as a law practice or to engage in legal practice.
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