LEGAL PROFESSION REGULATION 2002 - REG 80 Receipts

This legislation has been repealed.

LEGAL PROFESSION REGULATION 2002 - REG 80

80 Receipts

(1) A solicitor must, as soon as practicable after receipt of trust money (not being a transfer by journal entry), make out, or cause to be made out, a receipt that complies with subclause (2).

(2) Receipts must be in duplicate, must be machine numbered in series, must contain the name of the solicitor's firm and the expression "Trust Account" or "Trust A/c" and must include provision for, and on being made out must include, the following:

(a) the date of the receipt,

(b) the amount of money received and the form in which it is received,

(c) the name of the person from whom, and of the person on whose behalf, the money is received,

(d) details identifying the ledger account to be credited,

(e) particulars sufficient to identify the purpose for which the money is received.

(3) If the solicitor maintains an accounting system that (at the same time as that at which, and in the same operation as that in which, a receipt is made out) causes the particulars required by subclause (2) to be entered in the cash book required to be kept under clause 82, the entry of the particulars in the cash book is a sufficient compliance with the requirement of subclause (2) for a duplicate receipt.

(4) A solicitor must issue receipts in the numerical order of the series to which they belong.

(5) The original of a receipt is to be delivered, on demand, to the person from whom the trust money is received.

(6) A solicitor must retain the following:

(a) any original receipt that is not delivered to the person from whom the trust money is received,

(b) any original receipt that is cancelled after issue,

(c) duplicate receipts.