LEGAL PROFESSION UNIFORM LAW (NSW) - SECT 154
Reporting irregularities and suspected irregularities
LEGAL PROFESSION UNIFORM LAW (NSW) - SECT 154
Reporting irregularities and suspected irregularities
154 Reporting irregularities and suspected irregularities
(1) As soon as practicable after--
(a) a legal practitioner associate of a law
practice; or
(b) an ADI; or
(c) an external examiner; or
(d) another entity
of a kind specified in the Uniform Rules for the purposes of this section--
becomes aware that there is an irregularity in any of the law practice's trust
accounts or trust ledger accounts, the associate, ADI, examiner or entity must
give written notice of the irregularity to the designated local regulatory
authority.
Civil penalty:
for a corporation--250 penalty units;
for an
individual--50 penalty units.
(2) If an Australian legal practitioner
believes on reasonable grounds that there is an irregularity in connection
with the receipt, recording or disbursement of any trust money received by a
law practice of which the practitioner is not a legal practitioner associate,
the practitioner must, as soon as practicable after forming the belief, give
written notice of it to the designated local regulatory authority.
Civil
penalty: 50 penalty units.
Note: Section 466 contains provisions relating to
compliance with this section.