Queensland Consolidated Acts

LEGAL PROFESSION ACT 2007 - SECT 499

499 Appointment of supervisor of trust money

(1) This section applies if the law society decides to appoint a supervisor of trust money of a law practice.

(2) The law society may, in the law society approved form, appoint a person as supervisor of trust money.

(3) The appointee must be—

(a) an Australian legal practitioner who holds an unrestricted practising certificate; or

(b) a qualified accountant with experience in law practices’ trust accounts;

and may, but need not, be an employee of the law society.

(4) The instrument of appointment must—

(a) identify the law practice and the supervisor; and

(b) indicate that the external intervention is by way of appointment of a supervisor of trust money; and

(c) state the term of the appointment; and

(d) state any conditions imposed by the law society when the appointment is made; and

(e) state any fees payable by way of remuneration to the supervisor specifically for carrying out his or her duties in relation to the external intervention; and

(f) provide for legal costs and the expenses that may be incurred by the supervisor in relation to the external intervention.

(5) The instrument of appointment may state reporting requirements to be observed by the supervisor.