Final examination of trust records
276 Final examination of trust records
This section applies if a law practice—
ceases to be authorised to receive trust money; or
ceases to engage in legal practice in this jurisdiction.
The law practice must appoint an individual as an external examiner to examine the practice’s trust records—
in relation to the period since an external examination of the practice’s trust records was last conducted; and
in relation to each period after the period mentioned in paragraph (a), comprising a completed period of 12 months or any remaining partly completed period, during which the practice continued to hold trust money.
Maximum penalty—50 penalty units.
The law practice must give to the law society—
a report of each examination under subsection (2) within 60 days after the end of the period to which the examination relates; and
a statutory declaration in the law society approved form within 60 days of ceasing to hold trust money.
Maximum penalty—20 penalty units.
If an Australian legal practitioner dies, the practitioner’s legal personal representative must comply with this section as if the representative were the practitioner.
Nothing in this section affects any other requirements under this part.
This Act’s bill:Explanatory memorandum
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.