Keeping trust records
257 Keeping trust records
(1) A law practice must keep in permanent form trust records in relation to trust money received by the practice.
The law practice must keep the trust records:
in accordance with the regulations; and
(b) in a way that at all times discloses the true position in relation to trust money received for or on behalf of any person; and
(c) in a way that enables the trust records to be conveniently and properly investigated or externally examined; and
for a period determined under the regulations.
(3) If a law practice that is an Australian legal practitioner who is a sole practitioner, or an incorporated legal practice, contravenes subsection (1) or (2), the practitioner or practice is guilty of an offence.
Maximum penalty: 500 penalty units.
(4) If a law practice that is a law firm or multi-disciplinary partnership contravenes subsection (1) or (2), each principal of the practice is guilty of an offence.
Maximum penalty: 500 penalty units.
(5) An offence against subsection (3) or (4) is an offence of strict liability.
This provision refers to the regulations (the regulations
, determined under the regulations
). Made under this Act:
This Act’s bill:Explanatory statementSecond reading speech
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