Queensland Numbered Acts Queensland Numbered Acts(1) In this part--
approved ADI means an ADI approved under section 280 by the law society.
controlled money means money received or held by a law practice for which the practice has a written direction to deposit the money in an account, other than a general trust account, over which the practice has or will have exclusive control.
Note--
Section 251(6) prevents pooling of controlled money.
controlled money account means an account kept by a law practice with an ADI for the holding of controlled money received by the practice.
deposit record includes a deposit slip or duplicate deposit slip.
general trust account means an account kept by a law practice with an approved ADI for the holding of trust money received by the practice, other than controlled money or transit money.
permanent form, in relation to a trust record, means printed or, on request, capable of being printed, in English on paper or other material.
transit money means money received by a law practice subject to instructions to pay or deliver it to a third party, other than an associate of the practice.
trust account means an account kept by a law practice with an approved ADI to hold trust money.
trust money means money entrusted to a law practice in the course of or in connection with the provision of legal services by the practice, and includes--
(a) money received by the practice on account of legal costs in advance of providing the services; and
(b) controlled money received by the practice; and
(c) transit money received by the practice; and
(d) money received by the practice, that is the subject of a power, exercisable by the practice or an associate of the practice, to deal with the money for another person.
trust records includes the following documents--
(a) receipts;
(b) cheque butts or cheque requisitions;
(c) records of authorities to withdraw by electronic funds transfer;
(d) deposit records;
(e) trust account ADI statements;
(f) trust account receipts and payments cash books;
(g) trust ledger accounts;
(h) records of monthly trial balances;
(i) records of monthly reconciliations;
(j) trust transfer journals;
(k) statements of account required to be given under a regulation;
(l) registers required to be kept under a regulation;
(m) monthly statements required to be kept under a regulation;
(n) files relating to trust transactions or bills of costs or both;
(o) written directions, authorities or other documents required to be kept under this Act or a regulation;
(p) supporting information required to be kept under a regulation in relation to powers to deal with trust money.
(2) A reference in this part to a law practice's trust account or trust records includes a reference to an associate's trust account or trust records.
(3) A reference in this part to a power given to a law practice or an associate of the practice to deal with money for another person is a reference to a power given to the practice or associate that is exercisable by--
(a) the practice alone; or
(b) an associate of the practice alone, otherwise than in a private and personal capacity; or
(c) the practice or an associate of the practice jointly or severally, or jointly and severally, with either or both of the following--
(i) 1 or more associates of the practice;
(ii) the person, or 1 or more nominees of the person, for whom or on whose behalf the money may or is to be dealt with under the power.