LEGAL PROFESSION ACT 2007 - SECT 280 Approval of ADIs

LEGAL PROFESSION ACT 2007 - SECT 280

280 Approval of ADIs

(1) The chief executive may approve ADIs at which trust accounts to hold trust money may be kept.

(2) However, the chief executive may give an ADI an approval under subsection (1) only if the ADI has entered into an arrangement with the chief executive under section 287 .

(3) In giving an approval under subsection (1) , the chief executive may have regard to, and impose conditions on the approval, about—

(a) the way in which the law society and the chief executive are informed of amounts held in trust accounts; and

(b) the auditing of trust accounts; and

(c) other matters relating to the law society’s supervision of trust accounts under this Act; and

(d) other relevant matters prescribed under a regulation.

(4) The chief executive—

(a) may impose a condition under subsection (3) when the approval is given or during the currency of the approval; and

(b) may amend or revoke any conditions imposed.