LEGAL PROFESSION ACT 2004 - SECT 258A Trust money received in the form of cash

This legislation has been repealed.

LEGAL PROFESSION ACT 2004 - SECT 258A

258A Trust money received in the form of cash

(1) General trust money A law practice must deposit general trust money received in the form of cash in a general trust account of the practice.

Maximum penalty: 50 penalty units.

(2) If the law practice has a written direction by an appropriate person to deal with general trust money received in the form of cash otherwise than by first depositing it in a general trust account of the practice:

(a) the money must nevertheless be deposited in a general trust account of the practice in accordance with subsection (1), and

(b) the money is thereafter to be dealt with in accordance with any applicable terms of the direction so far as those terms are not inconsistent with paragraph (a).

(3) Controlled money Controlled money received in the form of cash must be deposited in a controlled money account in accordance with section 256.

(4) Transit money A law practice must deposit transit money received in the form of cash in a general trust account of the practice before the money is otherwise dealt with in accordance with the instructions relating to the money.

Maximum penalty: 50 penalty units.

(5) Trust money subject of a power A law practice must deposit trust money that is received in the form of cash and is the subject of a power in a general trust account (or a controlled money account in the case of controlled money) of the practice before the money is otherwise dealt with in accordance with the power.

Maximum penalty: 50 penalty units.

(6) Paramount operation of this section This section has effect despite anything to the contrary in any relevant direction, instruction or power.

(7) Definitions In this section:


"appropriate person" , in relation to trust money, means a person who is legally entitled to give the law practice concerned directions in respect of dealings with the money.


"general trust money" means trust money, other than:

(a) controlled money, and

(b) transit money, and

(c) money that is the subject of a power.