LEGAL PROFESSION ACT 2006 - SECT 223 Holding, disbursing and accounting for trust money
LEGAL PROFESSION ACT 2006 - SECT 223
Holding, disbursing and accounting for trust money(1) A law practice must—
(a) hold trust money deposited in a general trust account of the practice exclusively for the person on whose behalf it is received; and
(b) disburse the trust money only in accordance with a direction given by the person.
(2) Subsection (1) applies subject to an order of a court of competent jurisdiction or as authorised by law.
(3) The law practice must account for the trust money as required by regulation.
(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 (3), 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 (3), 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.