New South Wales Consolidated Acts

LEGAL PROFESSION ACT 2004 - SECT 255A

255A Manner of withdrawal of trust money from general trust account

(1) A law practice must not withdraw trust money from a general trust account otherwise than by cheque or electronic funds transfer.

Maximum penalty: 50 penalty units.

(2) Without limiting subsection (1), the following are specifically prohibited:

(a) cash withdrawals,

(b) ATM withdrawals or transfers,

(c) telephone banking withdrawals or transfers.

(3) The regulations may make provision for or with respect to withdrawals by cheque or electronic funds transfer.

(4) This section has effect despite anything to the contrary in any directions given to the law practice concerned, even if the directions are given by a person who is otherwise legally entitled to give the law practice directions in respect of dealings with the trust money.