LEGAL PROFESSION ACT 2007 - SECT 237 Definitions for pt 3.3

LEGAL PROFESSION ACT 2007 - SECT 237

237 Definitions for pt 3.3

(1) In this part—


"approved ADI" means an ADI approved under section 280 by the chief executive.


"controlled money" means money received or held by a law practice for which the practice has a written direction to deposit the money in an account, other than a general trust account, over which the practice has or will have exclusive control.

Note—

Section 251 (6) prevents pooling of controlled money.

"controlled money account" means an account kept by a law practice with an ADI for the holding of controlled money received by the practice.


"deposit record" includes a deposit slip or duplicate deposit slip.


"general trust account" means an account kept by a law practice with an approved ADI for the holding of trust money received by the practice, other than controlled money or transit money.


"permanent form" , in relation to a trust record, means printed or, on request, capable of being printed, in English on paper or other material.


"transit money" means money received by a law practice subject to instructions to pay or deliver it to a third party, other than an associate of the practice.


"trust account" means an account kept by a law practice with an approved ADI to hold trust money.


"trust money" means money entrusted to a law practice in the course of or in connection with the provision of legal services by the practice, and includes—

(a) money received by the practice on account of legal costs in advance of providing the services; and

(b) controlled money received by the practice; and

(c) transit money received by the practice; and

(d) money received by the practice, that is the subject of a power, exercisable by the practice or an associate of the practice, to deal with the money for another person.

"trust records" includes the following documents—

(a) receipts;

(b) cheque butts or cheque requisitions;

(c) records of authorities to withdraw by electronic funds transfer;

(d) deposit records;

(e) trust account ADI statements;

(f) trust account receipts and payments cash books;

(g) trust ledger accounts;

(h) records of monthly trial balances;

(i) records of monthly reconciliations;

(j) trust transfer journals;

(k) statements of account required to be given under a regulation;

(l) registers required to be kept under a regulation;

(m) monthly statements required to be kept under a regulation;

(n) files relating to trust transactions or bills of costs or both;

(o) written directions, authorities or other documents required to be kept under this Act or a regulation;

(p) supporting information required to be kept under a regulation in relation to powers to deal with trust money.

(2) A reference in this part to a law practice’s trust account or trust records includes a reference to an associate’s trust account or trust records.

(3) A reference in this part to a power given to a law practice or an associate of the practice to deal with money for another person is a reference to a power given to the practice or associate that is exercisable by—

(a) the practice alone; or

(b) an associate of the practice alone, otherwise than in a private and personal capacity; or

(c) the practice or an associate of the practice jointly or severally, or jointly and severally, with either or both of the following—

(i) 1 or more associates of the practice;

(ii) the person, or 1 or more nominees of the person, for whom or on whose behalf the money may or is to be dealt with under the power.