Disclosure of accounts used to hold money
57 Disclosure of accounts used to hold money
For the purposes of section 151 of the Uniform Law, a law practice must notify the designated local regulatory authority of the following details of each account that is maintained at an ADI in which the law practice or any legal practitioner associate of the law practice holds money entrusted to the law practice or legal practitioner associate—
the name of the ADI, together with its BSB number,
the name of the account, together with its account number,
the name of each person who is authorised to operate on the account,
for each amount of money so entrusted—
the name of the person for whom the money is entrusted,
the reason for which the money is entrusted,
the date on which the money is deposited in the account, together with the manner in which it is deposited,
the date on which the money is withdrawn from the account, together with the manner in which it is withdrawn,
the date on which the account was opened.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.