17
In forceTransit money
Schedule 2Trust money and trust accounts
Part 2Trust accounts and trust money
17 Transit money
(1)
Subject to clause 19, a law practice that has received transit money must pay or deliver the money as required by the instructions relating to the money—
(a)
within the period (if any) specified in the instructions;
or
(b)
subject to paragraph (a), as soon as practicable after it is received. Maximum penalty: $50 000.
(2)
The law practice must account for the money as required by the regulations. Maximum penalty: $50 000.
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