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LEGAL PROFESSION UNIFORM LAW (NSW) - SECT 330
Effect of service of notice of appointment
330 Effect of service of notice of appointment
(1) After service on an ADI of a notice of the appointment of a supervisor of
trust money of a law practice and until the appointment is terminated, the ADI
must ensure that no funds are withdrawn or transferred from a trust account of
the law practice unless-- (a) the withdrawal or transfer is made by cheque or
other instrument drawn on that account and signed by the supervisor or a
nominee of the supervisor; or
(b) the withdrawal or transfer is made by the
supervisor or a nominee of the supervisor by means of electronic or internet
banking facilities; or
(c) the withdrawal or transfer is made in accordance
with an authority to withdraw or transfer funds from the account signed by the
supervisor or a nominee of the supervisor.
Civil penalty: 100 penalty units.
(2) After service on a person (other than an ADI, the supervisor or a nominee
of the supervisor) of a notice of the appointment of a supervisor of trust
money of a law practice and until the appointment is terminated, the person
must not-- (a) deal with any of the law practice's trust money; or
(b) sign
any cheque or other instrument drawn on a trust account of the law practice;
or
(c) authorise the withdrawal or transfer of funds from a trust account of
the law practice.
Penalty: 100 penalty units.
(3) A supervisor of trust
money may, for the purposes of subsection (1)(b), enter into arrangements with
an ADI for withdrawing money from a trust account of the law practice
concerned by means of electronic or internet banking facilities.
(4) Any
money that is withdrawn or transferred in contravention of subsection (1) may
be recovered from the ADI concerned by the supervisor as a debt in any court
of competent jurisdiction, and any amount recovered is to be paid into a trust
account of the law practice.
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