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LEGAL PROFESSION REGULATION 2017 - REG 33
Establishment of general trust account—Act, s 247
33 Establishment of general trust account—Act, s 247
(1) A law practice must, after receiving trust money that is required to be
paid into a general trust account, establish a compliant general trust account
if the practice does not already have a compliant general trust account.
(2)
Subsection (1) does not prevent a law practice from establishing a compliant
general trust account at any time.
(3) A general trust account is
"compliant" if— (a) the account is established in this jurisdiction, at any
time, with an approved ADI; and
(b) the account is and will be kept in this
jurisdiction; and
(c) the name of the account includes— (i) the name of the
law practice or the business name under which the law practice engages in
legal practice; and
(ii) the expression ‘law practice trust account’ or
‘law practice trust a/c’; and
(d) the account is of a kind that is, for
the time being, approved by the law society.
(4) Subsection (3) (c) does not
apply to an account established in this jurisdiction before 1 July 2007.
(5)
Subsection (3) (c) (ii) does not require the repetition of the words ‘law
practice’ if those words form part of the name or business name of the law
practice.
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