Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) In this Part:
"approved ADI" means an ADI approved under section 278 by the Law Society.
"approved trust account" means a trust account approved under section 278 by the Law Society.
"controlled money" means money received or held by a law practice in respect of which the practice has a written direction to deposit the money in an account (other than a general trust account) over which the practice has or will have exclusive control.
Note for definition controlled money
Section 248(6) prevents pooling of controlled money.
"controlled money account" means an account maintained by a law practice with an ADI for the holding of controlled money received by the practice.
"deposit record" includes a deposit slip or duplicate deposit slip.
"designated persons", for Division 3, Subdivision 2, see section 268(1).
"external examination" means an external examination under Division 3, Subdivision 2 of a law practice's trust records.
"external examiner" means a person holding an appointment as an external examiner under Division 3, Subdivision 2.
"general trust account" means an approved trust account maintained by a law practice for the holding of trust money received by the practice, other than controlled money or transit money.
"investigation" means an investigation under Division 3, Subdivision 1 of the affairs of a law practice.
"investigator" means a person holding an appointment as an investigator under Division 3, Subdivision 1.
"permanent form", in relation to a trust record, means printed or, on request, capable of being printed, in English on paper or other material.
"power" includes authority.
"transit money" means money received by a law practice subject to instructions to pay or deliver it to a third party, other than an associate of the practice.
"trust account" means an account maintained by a law practice with an approved ADI to hold trust money.
"trust money" means money entrusted to a law practice in the course of or in connection with the provision of legal services by the practice, and includes:
(a) money received by the practice on account of legal costs in advance of providing the services; and
(b) controlled money received by the practice; and
(c) transit money received by the practice; and
(d) money received by the practice, that is the subject of a power, exercisable by the practice or an associate of the practice, to deal with the money for or on behalf of another person.
"trust money protocols", see section 239(1).
"trust records" includes the following documents:
(a) receipts;
(b) cheque butts or cheque requisitions;
(c) records of authorities to withdraw by electronic funds transfer;
(d) deposit records;
(e) trust account ADI statements;
(f) trust account receipts and payments cash books;
(g) trust ledger accounts;
(h) records of monthly trial balances;
(i) records of monthly reconciliations;
(j) trust transfer journals;
(k) statements of account as required to be furnished under the regulations;
(l) registers required to be kept under the regulations;
(m) monthly statements required to be kept under the regulations;
(n) files relating to trust transactions or bills of costs or both;
(o) written directions, authorities or other documents required to be kept under this Act;
(p) supporting information required to be kept under the regulations in relation to powers to deal with trust money.
(2) A reference in this Part to a law practice's trust account or trust records includes a reference to an associate's trust account or trust records.
(3) A reference in this Part to a power given to a law practice or an associate of the practice to deal with money for or on behalf of another person is a reference to a power given to the practice or associate that is exercisable by:
(a) the practice alone; or
(b) an associate of the practice alone (otherwise than in a private and personal capacity); or
(c) the practice or an associate of the practice jointly or severally, or jointly and severally, with either or both of the following:
(i) one or more associates of the practice;
(ii) the person, or one or more nominees of the person, for whom or on whose behalf the money may or is to be dealt with under the power.