Queensland Consolidated Regulations

LEGAL PROFESSION REGULATION 2017 - REG 61

61 Statements regarding receipt or holding of trust money

(1) The law society may, by written notice, require a law practice to give the society a statement—

(a) stating whether or not the practice has, during a period stated in the notice, received or held trust money; and

(b) if the practice has received or held trust money during the stated period—stating whether the trust money is—

(i) controlled money;

(ii) transit money;

(iii) money subject to a power;

(iv) other trust money not mentioned in subparagraphs (i) to (iii) .

(2) The notice may—

(a) apply indefinitely for recurring periods; and

(b) be withdrawn or varied by a further notice; and

(c) state the time by which, or the period during which, the requirement stated in the notice is to be complied with.

(3) The notice must be given by—

(a) if the notice relates to a particular law practice—sending the notice by post to the practice; or

(b) if the notice relates to a particular class of law practices—publishing the notice in—

(i) a circular distributed generally to law practices of the class; or

(ii) a magazine or other publication available generally to law practices of the class.

(4) A law practice that is given a notice under this section—

(a) must comply with the notice; and

(b) must not include in the statement any information that is false or misleading in a material particular.