When money is received
242 When money is received
For this Act, a law practice receives money when—
the practice obtains possession or control of it directly; or
the practice obtains possession or control of it indirectly as a result of its delivery to an associate of the practice; or
the practice, or an associate of the practice (otherwise than in a private and personal capacity) is given a power to deal with the money on behalf of another person.
For this Act, a law practice or associate is taken to have received money if the money is available to the practice or associate by means of an instrument or other way of authorising an ADI to credit or debit an amount to an account with the ADI, including, for example, an electronic funds transfer, credit card transaction or telegraphic transfer.
This Act’s bill:Explanatory memorandum
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