25
CurrentKeeping trust records
Schedule 2Trust money and trust accounts
Part 2Trust accounts and trust money
25 Keeping trust records
(1)
A law practice must keep in permanent form trust records in relation to trust money received by the practice.
Maximum penalty: $50 000.
(2)
The law practice must keep the trust records—
(a)
in accordance with the regulations; and
(b)
in a way that at all times discloses the true position in relation to trust money received for or on behalf of any person; and
(c)
in a way that enables the trust records to be conveniently and properly investigated or externally examined; and
(d)
for a period determined in accordance with the regulations.
Maximum penalty: $50 000.
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