New South Wales Consolidated Acts
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LEGAL PROFESSION UNIFORM LAW (NSW) - SECT 147
Keeping trust records
(1) A law practice must keep in permanent form trust records in relation to
trust money received by the law practice.
Civil penalty: 50 penalty units.
(2) The law practice must keep the trust records--
(a) in accordance with the
Uniform Rules; and
(b) in a way that at all times discloses the true position
in relation to trust money received for or on behalf of any person; and
in a way that enables the trust records to be conveniently and properly
investigated or externally examined; and
(d) for a period of 7 years after
the last transaction entry in the trust record, or the finalisation of the
matter to which the trust record relates, whichever is the later.
penalty: 50 penalty units.
(3) A law practice must not knowingly receive
money or record receipt of money in the law practice's trust records under a
Civil penalty: 100 penalty units.
(4) If a law practice is aware
that a person on whose behalf trust money is received by the law practice is
commonly known by more than one name, the law practice must ensure that the
law practice's trust records record all names by which the person is known.
Penalty: 50 penalty units.
(5) In this section, a reference (however
"keeping trust records" includes a reference to making and keeping backup
copies of trust records.
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