New South Wales Consolidated Acts

LEGAL PROFESSION ACT 2004 - SECT 299

299 Disclosure of accounts used to hold money entrusted to law practice or legal practitioner associate

(1) A law practice must, in accordance with the regulations, notify the appropriate Council of the details required by the regulations of each account maintained at an ADI in which the practice or any legal practitioner associate of the practice holds money entrusted to the practice or legal practitioner associate.

Maximum penalty: 50 penalty units.

(2) Subsection (1) applies whether or not the money is trust money and whether or not section 244 (Money involved in financial services or investments) or 245 (Determinations about status of money) applies to the money.