Controlled money
15 Controlled money
As soon as practicable after receiving controlled money, a law practice must deposit the money in the account specified in the written direction relating to the money.
Maximum penalty: $50 000.
The law practice must hold controlled money deposited in a controlled money account in accordance with subclause (1) exclusively for the person on whose behalf it was received.
Maximum penalty: $50 000.
The law practice that holds controlled money deposited in a controlled money account in accordance with subclause (1) must not disburse the money except in accordance with—
the written direction mentioned in that subclause; or
a later written direction given by or on behalf of the person on whose behalf the money was received.
Maximum penalty: $50 000.
The law practice must maintain the controlled money account, and account for the controlled money, as required by the regulations.
Maximum penalty: $50 000.
The law practice must keep a written direction mentioned in this clause for the period prescribed by the regulations.
Maximum penalty: $50 000.
The law practice must ensure that the controlled money account is used for the deposit of controlled money received on behalf of the person referred to in subclause (2), and not for the deposit of controlled money received on behalf of any other person, except to the extent that the regulations otherwise permit.
Maximum penalty: $50 000.
Subclause (3) applies subject to an order of a court of competent jurisdiction or as authorised by law.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.