Restrictions on receipt of trust money
44 Restrictions on receipt of trust money
A law practice (other than an incorporated legal practice or a community legal centre) must not receive trust money unless each principal holds a practising certificate that does not prohibit the receipt of trust money. Maximum penalty: $50 000.
An incorporated legal practice must not receive trust money unless—
at least 1 legal practitioner director of the practice holds a practising certificate that does not prohibit the receipt of trust money;
or
a person is holding an appointment under
Schedule
1 clause 10 in relation to the practice and the person holds a practising certificate that does not prohibit the receipt of trust money; or
the money is received during any period during which the practice—
does not have any legal practitioner directors; and
is not in default of director requirements under
Schedule
1 clause 10, so long as there was, immediately before the start of that period, at least 1 legal practitioner director of the practice who held a practising certificate that did not prohibit the receipt of trust money. Maximum penalty: $50 000.
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