13
CurrentHolding, disbursing and accounting for trust money
Schedule 2Trust money and trust accounts
Part 2Trust accounts and trust money
13 Holding, disbursing and accounting for trust money
(1)
A law practice must—
(a)
hold trust money deposited in a general trust account of the practice exclusively for the person on whose behalf it is received;
and
(b)
disburse the trust money only in accordance with a direction given by the person. Maximum penalty: $50 000.
(2)
Subclause (1) applies subject to an order of a court of competent jurisdiction or as authorised by law.
(3)
The law practice must account for the trust money as required by the regulations. Maximum penalty: $50 000.
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