Withdrawal of controlled money from controlled money account
63 Withdrawal of controlled money from controlled money account
Despite any directions to the contrary, a law practice must not withdraw controlled money from a controlled money account otherwise than by cheque or electronic funds transfer.
A withdrawal of money from a controlled money account of a law practice must be effected by, under the direction of or with the authority of—
an authorised principal of the law practice, or
if such a principal is not available—
a legal practitioner associate authorised by the law practice to effect, direct or give authority for this purpose, or
when an authorised practitioner referred to in subparagraph (i) is not available—an Australian legal practitioner who holds an Australian practising certificate authorising the receipt of trust money and who is authorised by the law practice to effect, direct or give authority for this purpose, or
when the authorised practitioners referred to in subparagraph (i) or (ii) are both not available—two or more associates of the law practice jointly who are authorised by the law practice to effect, direct or give authority for this purpose.
A written record of the required particulars must be kept of each withdrawal.
If, at the time the withdrawal is made, the required particulars are recorded by a computerised accounting system, a written record must be kept that is sufficient to enable the accuracy of the particulars recorded by the computerised accounting system to be verified.
For the purposes of this rule, the required particulars are as follows—
the date and number of the transaction,
the amount withdrawn,
in the case of a withdrawal by cheque, the name of the person to whom payment is to be made or, if the cheque is made payable to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment,
in the case of a withdrawal by electronic funds transfer, the name and number of the account to which the amount was transferred and the relevant BSB number,
details clearly identifying the name of the person on whose behalf the payment was made and the matter reference,
particulars sufficient to identify the reason for which the payment was made,
the person or persons effecting, directing or authorising the withdrawal.
The particulars are to be recorded in the order in which the withdrawals are made and are to be recorded separately for each controlled money account.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.