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LEGAL PROFESSION UNIFORM LAW (NSW) - SECT 140
Transit money
140 Transit money
(1) A law practice that has received transit money must pay or deliver the
money as required by the instructions relating to the money within the period
(if any) specified in the instructions, or else as soon as practicable after
it is received. Civil penalty: 50 penalty units.
(2) A law practice must, in
respect of transit money received by the law practice, record and keep brief
particulars sufficient to identify the relevant transaction and any purpose
for which the money was received. Civil penalty: 50 penalty units.
(3) A law
practice must keep the particulars mentioned in subsection (2) for 7 years.
Civil penalty: 50 penalty units.
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