Australian Capital Territory Current Acts Australian Capital Territory Current Acts(1) An ADI commits an offence if—
(a) a trust account is kept with the ADI; and
(b) the ADI becomes aware of a deficiency in the account; and
(c) the ADI fails to report the deficiency to the law society council as soon as practicable after becoming aware of the deficiency.
Maximum penalty: 50 penalty units.
(2) An ADI commits an offence if—
(a) a trust account is kept with the ADI; and
(b) the ADI has reason to believe that an offence has been committed in relation to the account; and
(c) the ADI fails to report the belief to the law society council as soon as practicable after forming it.
Maximum penalty: 50 penalty units.
(3) An ADI commits an offence if it fails to give the law society council a report required by regulation about a trust account as required by the regulation.
Maximum penalty: 50 penalty units.
(4) An ADI commits an offence if—
(a) a trust account is kept with the ADI by a law practice; and
(b) an investigator or external examiner produces to the ADI evidence of the appointment of the investigator or external examiner in relation to the practice; and
(c) the investigator or external examiner requires the ADI—
(i) to produce for inspection or copying by the investigator or external examiner any records relating to the trust account or trust money deposited in the trust account; or
(ii) to give the investigator or external examiner details of any transactions relating to the trust account or trust money; and
(d) the ADI fails to comply with the requirement.
Maximum penalty: 50 penalty units.
(5) An offence against subsection (3) or (4) is a strict liability offence.
(6) Subsections (1) to (4) apply despite any legislation or duty of confidence to the contrary.
(7) An ADI or an officer or employee of an ADI is not liable for any loss or damage suffered by someone else because of—
(a) the reporting of a deficiency under subsection (1); or
(b) the making or giving of a report under subsection (2) or (3); or
(c) the producing of records, or the giving of details, under subsection (4).