Holding, disbursing and accounting for trust money

Current

(1)

A law practice must—

(a)

hold trust money deposited in a general trust account of the practice exclusively for the person on whose behalf it is received; and

(b)

disburse the trust money only under a direction given by the person.

Maximum penalty—50 penalty units.

(2)

Subsection (1) applies subject to an order of a court of competent jurisdiction, division 2A or as otherwise authorised by law.

(3)

Subject to division 2A, the law practice must account for the trust money in the way prescribed under a regulation.

Maximum penalty—50 penalty units.

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.

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