Legal Profession Act 2007

The chief executive may approve ADIs at which trust accounts to hold trust money may be kept.

However, the chief executive may give an ADI an approval under subsection (1) only if the ADI has entered into an arrangement with the chief executive under section 287.

In giving an approval under subsection (1), the chief executive may have regard to, and impose conditions on the approval, about—

the way in which the law society and the chief executive are informed of amounts held in trust accounts; and

the auditing of trust accounts; and

other matters relating to the law society’s supervision of trust accounts under this Act; and

other relevant matters prescribed under a regulation.

The chief executive—

may impose a condition under subsection (3) when the approval is given or during the currency of the approval; and

may amend or revoke any conditions imposed.