New South Wales Consolidated Acts
[Search this Act]
LEGAL PROFESSION UNIFORM LAW APPLICATION ACT 2014 - SECT 47
Status and repayment of deposited money
47 Status and repayment of deposited money
(1) Money paid under section 46 into an ADI account maintained by the
(a) is held by the Law Society in trust for the law practice
depositing the money, and
(b) is repayable on demand.
(2) Subsection (1)
does not excuse a failure to comply with section 46.
(3) Until repaid, money
deposited under section 46 may be invested by the Law Society--
accordance with Division 2 of Part 2 of the Trustee Act 1925 as if the money
were trust funds, or
(b) on deposit with the Treasurer, or
(c) in an account
with any ADI.
(4) All interest on investments made under this section is
payable to the Law Society on account of the Public Purpose Fund.
AustLII: Copyright Policy