LEGAL PROFESSION ACT 2007 - SECT 298 Regulation-making power relating to trust money and trust accounts

LEGAL PROFESSION ACT 2007 - SECT 298

298 Regulation-making power relating to trust money and trust accounts

(1) The Governor in Council may make regulations about a matter to which this part applies.

(2) A regulation may provide for the following—

(a) the establishment, keeping and closure of general trust accounts and controlled money accounts;

(b) the manner of receiving, depositing, withdrawing, making records about and otherwise dealing with and accounting for trust money;

(c) without limiting paragraph (a) or (b) —

(i) the keeping and reconciliation of trust records; and

(ii) the establishment and keeping of trust ledger accounts; and

(iii) the establishment and keeping of records about controlled money and transit money; and

(iv) the establishment and keeping of registers of powers and estates in relation to trust money; and

(v) the recording of information about the investment of trust money; and

(vi) the giving of statements regarding trust money;

(d) the notification to the law society of information relating directly or indirectly to matters to which this part relates, including information about—

(i) trust accounts, trust money and trust records; and

(ii) the proposed or actual termination of a law practice that holds trust money; and

(iii) the proposed or actual termination of engaging in legal practice in this jurisdiction by a law practice that holds trust money; and

(iv) the proposed or actual restructuring of the business of a law practice so that it no longer holds or no longer will hold trust money;

(e) the carrying out of unannounced examinations of a law practice’s trust records by an external examiner;

(f) the creation and exercise of liens over trust money;

(g) exemptions, or the giving of exemptions, from all or any stated requirements of this part.