(a) ceases to be authorised to
receive trust money; or
(b) ceases to engage in legal practice in this
jurisdiction.
(2) The law practice must appoint an individual as an external
examiner to examine the practice’s trust records—
(a) in relation to the
period since an external examination of the practice’s trust records was
last conducted; and
(b) in relation to each period after the period mentioned
in paragraph (a) , comprising a completed period of 12 months or any remaining
partly completed period, during which the practice continued to hold
trust money.
Penalty—
Maximum penalty—50 penalty units.
(3) The
law practice must give to the law society—
(a) a report of each examination
under subsection (2) within 60 days after the end of the period to which the
examination relates; and
(b) a statutory declaration in the law society
approved form within 60 days of ceasing to hold trust money.
Penalty—
Maximum penalty—20 penalty units.
(4) If an Australian legal practitioner
dies, the practitioner’s legal personal representative must comply with this
section as if the representative were the practitioner.
(5) Nothing in this
section affects any other requirements under this part.
