LEGAL PROFESSION ACT 2006 - SECT 244 Final examination of trust records

LEGAL PROFESSION ACT 2006 - SECT 244

    (1)     This section applies if a law practice—

        (a)     stops being authorised to receive trust money; or

        (b)     stops engaging in legal practice in the ACT.

    (2)     The law practice must appoint an external examiner to examine the practice's trust records—

        (a)     for the period since an external examination was last conducted; and

        (b)     for each period after that, consisting of a completed period of 12 months or any remaining partly completed period, during which the practice continued to hold trust money.

    (3)     The law practice must give the law society council—

        (a)     a report of each examination under subsection (2) not later than 60 days after the end of the period to which the examination relates; and

        (b)     a written notice not later than 60 days after the day it stops holding trust money.

Note     If a form is approved by the law society council under s 587 for this provision, the form must be used.

    (4)     If a law practice that is an Australian legal practitioner who is a sole practitioner, or an incorporated legal practice, contravenes subsection (2) or (3), the practitioner or practice commits an offence.

Maximum penalty: 100 penalty units.

    (5)     If a law practice that is a law firm, or a multidisciplinary partnership, contravenes subsection (2) or (3), each principal of the practice commits an offence.

Maximum penalty: 100 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)     If an Australian legal practitioner dies, the practitioner's legal personal representative must comply with this section as if the representative were the practitioner.

    (7)     This section does not affect any other requirements under this part.