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LEGAL PROFESSION ACT 2007 - SECT 250 Withdrawing trust money from general trust account

LEGAL PROFESSION ACT 2007 - SECT 250

Withdrawing trust money from general trust account

250 Withdrawing trust money from general trust account

(1) A law practice must not withdraw trust money from a general trust account otherwise than by—
(a) cheque; or
(b) if the practice is authorised by the law society to withdraw trust money from a general trust account by electronic funds transfer—electronic funds transfer.
Penalty—
Maximum penalty—50 penalty units.
(2) Without limiting subsection (1) , the following are specifically prohibited by the subsection—
(a) cash withdrawals;
(b) ATM withdrawals or transfers;
(c) telephone banking withdrawals or transfers;
(d) unless the law practice is authorised by the law society to withdraw trust money from a general trust account by electronic funds transfer—withdrawals by electronic funds transfer.
(3) A regulation may make provision in relation to withdrawals by cheque or electronic funds transfer, including, for example, the matters the law society must have regard to in deciding to authorise a law practice to withdraw trust money from a general trust account by electronic funds transfer.
(4) This section has effect despite anything to the contrary in a direction given to the law practice concerned, even if the direction is given by a person who is otherwise legally entitled to give the law practice directions in relation to dealings with the trust money.