LEGAL PROFESSION ACT 2006 - SECT 221 Keeping of general trust account
LEGAL PROFESSION ACT 2006 - SECT 221
Keeping of general trust account(1) A law practice that receives trust money to which this part applies must keep a general trust account in the ACT.
(2) A law practice that is required to keep a general trust account in the ACT must establish and keep the account as required by regulation.
(3) Subsection (1) does not apply to a law practice in relation to any period during which the practice receives only either or both of the following:
(a) controlled money;
(b) transit money received in a form other than cash.
(4) If a law practice that is an Australian legal practitioner who is a sole practitioner, or an incorporated legal practice, contravenes subsection (1) or (2), the practitioner or practice commits an offence.
Maximum penalty: 50 penalty units.
(5) If a law practice that is a law firm, or a multidisciplinary partnership, contravenes subsection (1) or (2), each principal of the practice commits an offence
Maximum penalty: 50 penalty units.
Note For this part, a reference to a law practice includes the principals of the law practice (see s 218 (Liability of principals of law practices under pt 3.1)).
(6) An offence against subsection (4) or (5) is a strict liability offence.
(7) Subject to any regulation, a requirement of this section for a law practice to keep, or establish and keep, a general trust account in the ACT does not prevent the practice from keeping, or establishing and keeping, more than 1 general trust account in the ACT, whether during the same period or during different periods.
(8) Without limiting this section, a regulation may provide that a law practice must not close a general trust account except as permitted by regulation.