Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) As soon as practicable after receiving trust money, a law practice must deposit the money in a general trust account of the practice.
(2) Subsection (1) does not apply if:
(a) the practice has a written direction by an appropriate person to deal with it otherwise than by depositing it in the account; or
(b) the money is controlled money; or
(c) the money is transit money; or
(d) the money is the subject of a power given to the practice or an associate of the practice to deal with the money for or on behalf of another person.
(3) A law practice that has received money that is the subject of a written direction mentioned in subsection (2)(a) must deal with the money in accordance with the direction:
(a) within the period (if any) specified in the direction; or
(b) subject to paragraph (a), as soon as practicable after it is received.
(4) The law practice must keep a written direction mentioned in subsection (2)(a) for the period prescribed by the regulations.
(5) If a law practice that is an Australian legal practitioner who is a sole practitioner, or an incorporated legal practice, contravenes subsection (1), (3) or (4), the practitioner or practice is guilty of an offence.
Maximum penalty: 500 penalty units.
(6) If a law practice that is a law firm or multi-disciplinary partnership contravenes subsection (1), (3) or (4), each principal of the practice is guilty of an offence.
Maximum penalty: 500 penalty units.
(7) An offence against subsection (5) or (6) is an offence of strict liability.
(8) A person is an appropriate person for this section if the person is legally entitled to give the law practice directions in respect of dealings with the trust money.