Reports, records and information
43 Reports, records and information
An ADI at which a trust account is maintained must report any deficiency in the account to the Society as soon as practicable after becoming aware of the deficiency. Maximum penalty: $50 000.
An ADI at which a trust account is maintained must report a suspected offence in relation to the trust account to the Society as soon as practicable after forming the suspicion. Maximum penalty: $50 000.
An ADI must furnish to the Society reports about trust accounts in accordance with the regulations. Maximum penalty: $50 000.
An ADI at which a trust account is maintained must without charge—
produce for inspection or copying by an investigator or external examiner any records relating to the trust account or trust money deposited in the trust account; and
provide the investigator or external examiner with full details of any transactions relating to the trust account or trust money, on demand by the investigator or the external examiner and on production to the ADI of evidence of the appointment of the investigator or the external examiner in relation to the law practice concerned. Maximum penalty: $50 000.
Subclauses (1) to
apply despite any rule of legislation or duty of confidence to the contrary.
An ADI or an officer or employee of an ADI is not liable to any action for any loss or damage suffered by another person as a result of—
reporting a deficiency in accordance with subclause (1); or
making or furnishing a report in accordance with subclause (2) or
; or
producing records or providing details in accordance with subclause (4).
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.