Queensland Consolidated Acts

LEGAL PROFESSION ACT 2007 - SECT 249

249 Holding, disbursing and accounting for trust money

(1) A law practice must—

(a) hold trust money deposited in a general trust account of the practice exclusively for the person on whose behalf it is received; and

(b) disburse the trust money only under a direction given by the person.

Penalty—

Maximum penalty—50 penalty units.

(2) Subsection (1) applies subject to an order of a court of competent jurisdiction, division 2A or as otherwise authorised by law.

(3) Subject to division 2A , the law practice must account for the trust money in the way prescribed under a regulation.

Penalty—

Maximum penalty—50 penalty units.