Certain trust money to be deposited in general trust account
248 Certain trust money to be deposited in general trust account
Subject to section 255, as soon as practicable after receiving trust money, a law practice must deposit the money in a general trust account of the practice unless—
the practice has a written direction by an appropriate person to deal with it otherwise than by depositing it in the account; or
the money is controlled money; or
the money is transit money; or
the money is the subject of a power given to the practice or an associate of the practice to deal with the money for or on behalf of another person.
Maximum penalty—100 penalty units.
Subject to section 255, a law practice that has received money that is the subject of a written direction mentioned in subsection (1)(a) must deal with the money in accordance with the direction—
within the period, if any, stated in the direction; or
subject to paragraph (a), as soon as practicable after it is received.
Maximum penalty—100 penalty units.
The law practice must keep a written direction mentioned in subsection (1)(a) for the period prescribed under a regulation.
Maximum penalty—100 penalty units.
A person is an appropriate person for this section if the person is legally entitled to give the law practice directions in relation to dealings with the trust money.
This provision refers to the regulations (a regulation
). Made under this Act:
- Legal Profession Regulation 2017
- Legal Profession (Australian Solicitors Conduct Rules) Notice 2024
- Legal Profession (Barristers Rules) Notice 2025
1 more instrument made under this Act are listed on the Act’s overview.
This Act’s bill:Explanatory memorandum
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