Final examination of trust records
37 Final examination of trust records
This clause applies if a law practice—
ceases to be authorised to receive trust money; or
ceases to engage in legal practice in this jurisdiction.
The law practice must appoint an external examiner to examine the practice's trust records—
in respect of the period since an external examination was last conducted; and
in respect of each period thereafter, comprising a completed period of 12 months or any remaining partly completed period, during which the practice continued to hold trust money. Maximum penalty: $50 000.
The law practice must lodge with the Society—
a report of each examination under subclause (2) within 60 days after the end of the period to which the examination relates; and
a statutory declaration in a form approved by the
Attorney‑General or the Society within 60 days of ceasing to hold trust money. Maximum penalty: $50 000.
If a legal practitioner who is a principal or an associate of a law practice dies, the practitioner's legal personal representative must assist the law practice to comply with this clause as if the representative were the practitioner.
Nothing in this clause affects any other requirements under this
Schedule.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.