(1) The Legal
Contribution Trust must not enter into an arrangement (a trust account
arrangement ) with an ADI under the Legal Profession Uniform Law (WA)
section 149(1)(b) for the payment of interest on the whole or any part of
deposits in trust accounts to the Trust that provides for more than 51% of the
interest on deposits in a trust account to be paid to the Trust.
(2) A trust account
arrangement that provides for more than 51% of the interest on deposits in a
trust account to be paid to the Legal Contribution Trust in contravention of
subsection (1) is taken to require the payment of only 51% of the interest.
Note for this section:
Part 12 provides for
the payment of the remainder of the interest earned on deposits in trust
accounts.