Restrictions on receipt of trust money
292 Restrictions on receipt of trust money
A law practice, other than an incorporated legal practice, must not receive trust money unless a principal holds an Australian practising certificate authorising the receipt of trust money.
Maximum penalty—200 penalty units.
An incorporated legal practice must not receive trust money unless—
at least one legal practitioner director of the practice holds an Australian practising certificate authorising the receipt of trust money; or
a person is holding an appointment under section 119 in relation to the practice and the person holds an Australian practising certificate authorising the receipt of trust money; or
if money is received during a period in which the practice does not have a legal practitioner director—
the practice is not in default of director requirements under section 119; and
there was, immediately before the start of that period, at least one legal practitioner director of the practice who held an Australian practising certificate authorising the receipt of trust money.
Maximum penalty—200 penalty units.
This Act’s bill:Explanatory memorandum
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