Application of part to law practices and trust money

Current

(1)

This part applies to the following law practices in relation to trust money received by them in this jurisdiction—

(a)

a law practice that has an office in this jurisdiction, whether or not the practice has an office in another jurisdiction;

(b)

a law practice that does not have an office in any jurisdiction at all.

Note—

It is intended that a law practice that receives trust money in this jurisdiction, that does not have an office in this jurisdiction, but has an office in another jurisdiction, must deal with the money under the corresponding law of the other jurisdiction.

(2)

This part applies to the following law practices in relation to trust money received by them in another jurisdiction—

(a)

a law practice that has an office in this jurisdiction and in no other jurisdiction;

(b)

a law practice that has an office in this jurisdiction and in one or more other jurisdictions but not in the jurisdiction in which the trust money was received, unless the money is dealt with under the corresponding law of another jurisdiction.

(3)

However, this part does not apply to law practices or kinds of trust money prescribed under a regulation.

(4)

A reference in this section to having an office in a jurisdiction is a reference to having, or engaging in legal practice from, an office or business address in the jurisdiction.

Note—

Section 174 applies this part to Australian-registered foreign lawyers.

Regulations

This provision refers to the regulations (a regulation). Made under this Act:

1 more instrument made under this Act are listed on the Act’s overview.

This Act’s bill:Explanatory memorandum

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240 Application of part to law practices and trust money