LEGAL PROFESSION ACT 2006 - SECT 260 Regulations and legal profession rules—pt 3.1

LEGAL PROFESSION ACT 2006 - SECT 260

A regulation or the legal profession rules may make provision in relation to—

        (a)     the establishment, keeping and closure of general trust accounts and controlled money accounting; and

        (b)     the way of receiving, depositing, withdrawing, making records about and otherwise dealing with an accounting for trust money; and

        (c)     without limiting paragraph (a) or (b)—

              (i)     the keeping and reconciliation of trust records; and

              (ii)     the establishment and keeping of trust ledger accounts; and

              (iii)     the establishment and keeping of records about controlled money and transit money; and

              (iv)     the establishment and keeping of registers of powers and estates where trust money is involved; and

              (v)     the recording of information about the investment of trust money; and

              (vi)     the giving of statements about trust money; and

        (d)     the notification to the law society council of information relating directly or indirectly to matters to which this part relates, including information about—

              (i)     trust accounts, trust money and trust records; and

              (ii)     the proposed or actual termination of a law practice that holds trust money; and

              (iii)     the proposed or actual termination of engaging in legal practice in the ACT by a law practice that holds trust money; and

              (iv)     the proposed or actual restructuring of the business of a law practice so that it no longer holds or no longer will hold trust money; and

        (e)     the creation and exercise of liens over trust money; and

        (f)     providing exemptions, or for the giving of exemptions, from all or any requirements of this part.