Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) A law practice must ensure trust money that is the subject of a power given to the practice or an associate of the practice is dealt with by the practice or associate only in accordance with the power relating to the money.
(2) The law practice must account for the money in the way prescribed by the regulations.
(3) Subsections (1) and (2) do not apply to trust money if section 251 applies to the money.
(4) If a law practice that is an Australian legal practitioner who is a sole practitioner, or an incorporated legal practice, contravenes subsection (1) or (2), the practitioner or practice is guilty of an offence.
Maximum penalty: 500 penalty units.
(5) If a law practice that is a law firm or multi-disciplinary partnership contravenes subsection (1) or (2), each principal of the practice is guilty of an offence.
Maximum penalty: 500 penalty units.
(6) An offence against subsection (4) or (5) is an offence of strict liability.