Queensland Consolidated Regulations

LEGAL PROFESSION REGULATION 2017 - REG 46

46 Notification requirements regarding general trust accounts

(1) Within 14 days after a general trust account event, a law practice must give the law society written notice of the event.

(2) A law practice must—

(a) either before, or within 14 days after, an authorisation event, give the law society written notice of the event; and

(b) during July of each year, give the law society written notice of the associates and Australian legal practitioners who are authorised, as at 1 July of that year—

(i) to sign cheques drawn on a general trust account of the practice; or

(ii) otherwise to effect, direct or give authority for the withdrawal of money from a general trust account of the practice.

(3) Subsection (2) (b) does not apply to a law practice in relation to a year if an external examiner’s report for the practice for the financial period ending 31 March of that year has been given to the law society under section 274 of the Act .

(4) A notice under this section must—

(a) include particulars sufficient to identify the general trust accounts of the law practice; and

(b) for a notice mentioned in subsection (2) (a) —

(i) include the name and address of an associate or practitioner who is the subject of the notice; and

(ii) state whether an associate, who is the subject of the notice, is an employee of the law practice; and

(c) for a notice mentioned in subsection (2) (b) —include the names and addresses of the associates and Australian legal practitioners.

(6) In this section—

"authorisation event" , in relation to a law practice, means authorisation or termination of the authority of an associate or an Australian legal practitioner—

(a) to sign cheques drawn on a general trust account of the practice; or

(b) otherwise to effect, direct or give authority for the withdrawal of money from a general trust account of the practice.

"general trust account event" , in relation to a law practice, means—

(a) the establishment of a general trust account by the law practice; or

(b) the closure of a general trust account kept by the law practice.

"law practice" includes a former law practice and the persons who were principals of a law practice immediately before the law practice ceased to exist as a law practice or to engage in legal practice in this jurisdiction.