LEGAL PROFESSION ACT 2007 - SECT 294
Disclosure to clients—money not received or held as trust money
LEGAL PROFESSION ACT 2007 - SECT 294
Disclosure to clients—money not received or held as trust money
294 Disclosure to clients—money not received or held as trust money
(1) If money entrusted to a law practice is or becomes non-trust money, the
practice must notify the person who entrusted the money to the practice
that—
(a) the money is not treated as trust money under this Act and is not
subject to any supervision, investigation or audit requirements of this Act;
and
(b) a claim against the fidelity fund can not be made in relation to the
money.
Penalty—
Maximum penalty—50 penalty units.
(2) The
notification must be in writing and given to the person—
(a) if the money is
non-trust money when it is entrusted to the law practice—when the money is
entrusted to the practice; or
(b) if the money was trust money when it was
entrusted to the practice but becomes non-trust money because of a decision
under section 239—as soon as practicable after the decision is made.
(3)
The notification must be given in the way, and contain the information,
prescribed under a regulation, if any, for this section.
(4) In this
section—
"non-trust money" means money that is not trust money under this Act because
of section 238 or because of a decision under section 239.
