Approval of ADIs and general trust accounts
278 Approval of ADIs and general trust accounts
The Law Society may approve:
(a) ADIs at which trust accounts to hold trust money may be maintained; and
trust accounts at approved ADIs to hold trust money.
(2) The Society may approve trust accounts only if the interest paid on the accounts is at or above:
the rate decided by the Attorney-General; or
(b) if a rate is not decided under paragraph (a) – the rate agreed between the ADI and the Society.
(3) The Society may impose conditions of the kind prescribed by the regulations on an approval under this section when the approval is given or during the currency of the approval.
This provision refers to the regulations (prescribed by the regulations
). Made under this Act:
This Act’s bill:Explanatory statementSecond reading speech
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