18
CurrentTrust money subject to specific powers
Schedule 2Trust money and trust accounts
Part 2Trust accounts and trust money
18 Trust money subject to specific powers
(1)
Subject to clause 19, a law practice must ensure that trust money that is the subject of a power given to the practice or an associate of the practice is dealt with by the practice or associate only in accordance with the power relating to the money.
Maximum penalty: $50 000.
(2)
The law practice must account for the money in the way prescribed by the regulations.
Maximum penalty: $2 500.
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