LEGAL PROFESSION ACT 2007 - SECT 727 Continued application of Trust Accounts Act 1973

LEGAL PROFESSION ACT 2007 - SECT 727

727 Continued application of Trust Accounts Act 1973

(1) Despite part 3.3, a law practice to which the part applies may, for keeping or dealing with trust money or keeping records of the trust money, comply with the Trust Accounts Act for the relevant period as if—

(a) the trust money were trust moneys under that Act; and

(b) the law practice were a trustee under that Act.

(2) For the purposes of subsection (1)—

(a) the Trust Accounts Act is taken to apply in relation to the law practice for the relevant period; and

(b) a reference in the Trust Accounts Act to a trustee or a solicitor is taken to include—

(i) a law practice that, immediately before the commencement, was a trustee under that Act; and

(ii) a law practice that is an incorporated legal practice; and

(iii) each legal practitioner partner of a law practice that is a multi-disciplinary partnership; and

(c) a reference in the Trust Accounts Act to a provision of the Legal Profession Act 2004 (the
"2004 provision" ) is taken to be a reference to a provision of the Legal Profession Act 2007 that is substantially the same as the 2004 provision.

(3) If a law practice complies with a provision of the Trust Accounts Act under subsection (1) (the
"trust provision" )—

(a) the law practice is taken to have complied with part 3.3 in relation to a provision of that part, about keeping or dealing with trust money or keeping records of the trust money, that is substantially the same as the trust provision; and

(b) an obligation or requirement imposed on the law practice as a trustee under that Act, about keeping or dealing with the trust money or keeping records of the trust money, continues to apply to the law practice despite the ending of the relevant period.

(4) In this section—


"commencement" means the commencement of this section.


"relevant period" means the period starting on the commencement and ending on 31 March 2008.


"Trust Accounts Act" means the Trust Accounts Act 1973 as in force immediately before the commencement.