Certain trust money to be deposited in general trust account
12 Certain trust money to be deposited in general trust account
Subject to clause 19, as soon as practicable after receiving trust money, a law practice must deposit the money in a general trust account of the practice unless—
the practice has a written direction by an appropriate person to deal with it otherwise than by depositing it in the account; or
the money is controlled money; or
the money is transit money; or
the money is the subject of a power given to the practice or an associate of the practice to deal with the money for or on behalf of another person.
Maximum penalty: $50 000.
Subject to clause 19, a law practice that has received money that is the subject of a written direction mentioned in subclause (1)(a) must deal with the money in accordance with the direction—
within the period (if any) specified in the direction; or
subject to paragraph (a), as soon as practicable after it is received.
Maximum penalty: $50 000.
The law practice must keep a written direction mentioned in subclause (1)(a) for the period prescribed by the regulations.
Maximum penalty: $50 000.
A person is an appropriate person for the purposes of this clause if the person is legally entitled to give the law practice directions in respect of dealings with the trust money.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.