New South Wales Consolidated Regulations

LEGAL PROFESSION UNIFORM GENERAL RULES 2015 - REG 62

62 Receipt of controlled money

(1) If a law practice receives controlled money, it must operate a single controlled money receipt system for the receipt of controlled money for all its controlled money accounts.

(2) A law practice must make out a receipt as soon as possible after receiving controlled money or, in relation to a direct deposit, after receiving notice or confirmation of the deposit from the relevant ADI.

(3) On request from the person from whom controlled money is received, the law practice must give that person a copy of the receipt.

(4) The receipt must be made out in duplicate, unless at the time the receipt is made out those particulars are recorded by a computerised accounting system in the register of controlled money, and must contain the following particulars--

(a) the date the receipt is made out and, if different, the date of receipt of the money,

(b) the amount of money received,

(c) the form in which the money was received,

(d) the name of the person from whom the money was received,

(e) details clearly identifying the name of the person on whose behalf the money was received and the matter description and matter reference,

(f) particulars sufficient to identify the reason for which the money was received,

(g) the name of, and other details clearly identifying, the controlled money account to be credited, unless the account has not been established by the time the receipt is made out,

(h) the name of the law practice, or the business name under which the law practice engages in legal practice, and the expression "controlled money receipt",

(i) the name of the person who made out the receipt,

(j) the number of the receipt.

(5) If the controlled money account to be credited has not been established by the time the receipt is made out, the name of, and other details clearly identifying, the account when established must be included on the duplicate receipt (if any).

(6) Receipts must be consecutively numbered and issued in consecutive sequence.

(7) If a receipt is cancelled or not delivered, the original receipt must be kept.

(8) A receipt is not required to be made out for any interest or other income received from the investment of controlled money and credited directly to a controlled money account.