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LEGAL PROFESSION UNIFORM LAW (NSW) - SECT 335
Effect of service of notice of appointment
335 Effect of service of notice of appointment
(1) After service on a law practice of a notice of the appointment of a
manager for the law practice and until the appointment is terminated, a legal
practitioner associate of the practice who is specified or referred to in the
notice must not participate in the affairs of the practice except under the
direct supervision of the manager. Penalty: 100 penalty units.
(2) After
service on an ADI of a notice of the appointment of a manager for 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funds are withdrawn or transferred from a trust account of the law practice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 manager, a receiver appointed for the
law practice or a nominee of the manager or receiver; or
(b) the withdrawal
or transfer is made by means of electronic or internet banking facilities, by
the manager, a receiver appointed for the law practice or a nominee of the
manager or receiver; or
(c) the withdrawal or transfer is made in accordance
with an authority to withdraw or transfer funds from the account and signed by
the manager, a receiver appointed for the law practice, or a nominee of the
manager or receiver.
Civil penalty: 100 penalty units.
(3) After service on
a person of a notice of the appointment of a manager for 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.
(4) A manager may, for the purposes of subsection (2)(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.
(5) Any money that is withdrawn or transferred in contravention
of subsection (2) may be recovered from the ADI concerned by the manager, or a
receiver for the law practice, 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 or another trust account nominated by the manager or
receiver.
(6) Subsection (3) does not apply to a legal practitioner associate
referred to in subsection (1), an ADI or the manager or receiver for the law
practice.
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