LEGAL PROFESSION ACT 2007 - SECT 251 Controlled money

LEGAL PROFESSION ACT 2007 - SECT 251

251 Controlled money

(1) As soon as practicable after receiving controlled money, a law practice must deposit the money in the account stated in the written direction relating to the money.

Penalty—

Maximum penalty—50 penalty units.

(2) The law practice must hold controlled money deposited in a controlled money account under subsection (1) exclusively for the person on whose behalf it was received.

Penalty—

Maximum penalty—50 penalty units.

(3) The law practice that holds controlled money deposited in a controlled money account under subsection (1) must not disburse the money other than under—

(a) the written direction mentioned in that subsection; or

(b) a later written direction given by or on behalf of the person on whose behalf the money was received.

Penalty—

Maximum penalty—50 penalty units.

(4) The law practice must keep the controlled money account, and account for the controlled money, in the way prescribed under a regulation.

Penalty—

Maximum penalty—50 penalty units.

(5) The law practice must keep a written direction mentioned in this section for the period prescribed under a regulation.

Penalty—

Maximum penalty—50 penalty units.

(6) The law practice must ensure that the controlled money account is used for the deposit of controlled money received on behalf of the person mentioned in subsection (2) , and not for the deposit of controlled money received on behalf of any other person, except to the extent that a regulation otherwise permits.

Penalty—

Maximum penalty—50 penalty units.

(7) Subsection (3) applies subject to an order of a court of competent jurisdiction or as authorised by law.