Statutory deposits
281 Statutory deposits
(1) The regulations may require a law practice to pay amounts out of a general trust account of the practice into an ADI account maintained by the entity prescribed by the regulations (the statutory deposit holder).
(2) Without limiting subsection (1), the regulations may provide for any of the following:
(a) the type of account to be maintained by the statutory deposit holder;
the amount of the payments to be made;
the person entitled to interest on the money in the account.
(3) For subsection (2)(c), the regulations may require the ADI to pay interest to the statutory deposit holder.
This section applies despite any other provision of this Part.
This provision refers to the regulations (The regulations may require
, prescribed by the regulations
, the regulations may provide
). Made under this Act:
This Act’s bill:Explanatory statementSecond reading speech
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