Definitions

Current

(1)

In this Schedule—

approved ADI means an ADI approved under clause 41 by the Society;

barrister means a legal practitioner who practises the profession of the law solely as a barrister;

controlled money means money received or held by a law practice in respect of which the practice has a written direction to deposit the money in an account (other than a general trust account) over which the practice has or will have exclusive control;

[Note: Note

See clause 15(6), which prevents pooling of controlled money.]

controlled money account means an account maintained by a law practice with an ADI for the holding of controlled money received by the practice;

deposit record includes a deposit slip or duplicate deposit slip;

external examination means an external examination under Part 3Division 2 of a law practice's trust records;

external examiner means a person holding an appointment as an external examiner under

Part 3Division 2;

general trust account means an account maintained by a law practice with an approved ADI for the holding of trust money received by the practice, other than controlled money or transit money;

investigation means an investigation under

Part 3Division 1 of the affairs of a law practice;

investigator means a person holding an appointment as an investigator under

Part 3Division 1;

law practice includes—

(a)

an Australian-registered foreign lawyer who practises foreign law on the foreign lawyer's own account; and

(b)

a partnership consisting of 1 or more

Australian-registered foreign lawyers or 1 or more Australian legal practitioners, or both;

permanent form, in relation to a trust record, means printed or, on request, capable of being printed, in English on paper or other material;

power includes authority;

transit money means money received by a law practice subject to instructions to pay or deliver it to a third party, other than an associate of the practice;

trust account means an account maintained by a law practice with an approved ADI to hold trust money;

trust money means money entrusted to a law practice in the course of or in connection with the provision of legal services by the practice to which the practice is not wholly entitled, and includes—

(a)

money received by the practice on account of legal costs in advance of providing the services (other than money paid to the practice as a retainer); and

(b)

controlled money received by the practice; and

(c)

transit money received by the practice; and

(d)

money received by the practice, that is the subject of a power, exercisable by the practice or an associate of the practice, to deal with the money for or on behalf of another person, but does not include money received by a practitioner in the course of mortgage financing;

trust records includes the following documents:

(a)

receipts;

(b)

cheque butts or cheque requisitions;

(c)

records of authorities to withdraw by electronic funds transfer;

(d)

deposit records;

(e)

trust account ADI statements;

(f)

trust account receipts and payments cash books;

(g)

trust ledger accounts;

(h)

records of monthly trial balances;

(i)

records of monthly reconciliations;

(j)

trust transfer journals;

(k)

statements of account as required to be furnished under the regulations;

(l)

registers required to be kept under the regulations;

(m)

monthly statements required to be kept under the regulations;

(n)

files relating to trust transactions or bills of costs or both;

(o)

written directions, authorities or other documents required to be kept under this Act or the regulations;

(p)

supporting information required to be kept under the regulations in relation to powers to deal with trust money.

(2)

A reference in this Schedule to a law practice's trust account or trust records includes a reference to an associate's trust account or trust records.

(3)

A reference in this Schedule to a power given to a law practice or an associate of the practice to deal with money for or on behalf of another person is a reference to a power given to the practice or associate that is exercisable by—

(a)

the practice alone; or

(b)

an associate of the practice alone (otherwise than in a private and personal capacity); or

(c)

the practice or an associate of the practice jointly or severally, or jointly and severally, with either or both of the following:

(i)

1 or more associates of the practice;

(ii)

the person, or 1 or more nominees of the person, for whom or on whose behalf the money may or is to be dealt with under the power.

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1 Definitions