New South Wales Consolidated Regulations

LEGAL PROFESSION UNIFORM GENERAL RULES 2015 - REG 56

56 Authority to receive trust money

(1) This rule applies to an incorporated legal practice that does not, during a particular period (referred to in this rule as
"that period" ), have any principals who hold an Australian practising certificate authorising the receipt of trust money.

(2) For the purposes of section 150(b) of the Uniform Law, the incorporated legal practice is authorised to receive trust money during that period--

(a) if a person--

(i) holds an appointment under section 106(5) of the Uniform Law that is operative during that period in relation to the practice, and

(ii) holds an Australian practising certificate authorising the receipt of trust money, or

(b) if--

(i) an Australian legal practitioner employed by the practice during that period holds an Australian practising certificate authorising the receipt of trust money, and

(ii) the practice is not, during that period, in default of requirements under section 106 of that Law regarding authorised principals,

so long as there was, immediately before the start of that period, at least one principal of the practice who held an Australian practising certificate authorising the receipt of trust money.