Disclosure of accounts used to hold money entrusted to legal practitioners
286 Disclosure of accounts used to hold money entrusted to legal practitioners
A law practice must, in accordance with the regulations, give notice to the Law Society of the details required by the regulations of each account maintained at an ADI in which the practice or any legal practitioner associate of the practice holds money entrusted to the practice or legal practitioner associate.
Subsection (1) applies whether or not the money is trust money and whether or not section 236 or 237 applies to the money.
If a law practice that is an Australian legal practitioner who is a sole practitioner, or an incorporated legal practice, contravenes subsection (1), the practitioner or practice is guilty of an offence.
Maximum penalty: 100 penalty units.
If a law practice that is a law firm or multi-disciplinary partnership contravenes subsection (1), each principal of the practice is guilty of an offence.
Maximum penalty: 100 penalty units.
An offence against subsection (3) or (4) is an offence of strict liability.
This provision refers to the regulations (the regulations
). Made under this Act:
This Act’s bill:Explanatory statementSecond reading speech
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