New South Wales Consolidated Regulations

LEGAL PROFESSION UNIFORM GENERAL RULES 2015 - REG 55

55 Trust money subject to specific powers

(1) This rule has effect for the purposes of section 141 of the Uniform Law.

(2) If a law practice or an associate of the practice is given a power to deal with trust money for or on behalf of another person, the law practice must keep--

(a) a record of all dealings with the money to which the law practice or associate is a party, and

(b) all supporting information in relation to the dealings,

in a manner that enables the dealings to be clearly understood.

(3) The record, supporting information and power must be kept by the law practice as part of the practice's trust records.