(1) In this section
—
agreed rate , in relation to a relevant trust
account, means the rate of interest payable on the money in the trust account
immediately before commencement day as agreed between the ADI and the Legal
Contribution Trust;
pre-commencement period , in relation to a
relevant trust account, means the period —
(a)
beginning on —
(i)
the day after the last day of the most recent period for
which interest was paid under section 387 of the old Act in respect of the
trust account; or
(ii)
if interest was not paid in respect of the trust account
under section 387 of the old Act before commencement day — the day on
which the trust account was opened;
and
(b)
ending on the day before commencement day;
relevant trust account means a trust account
maintained by a law practice with an ADI immediately before commencement day.
(2) An ADI must pay
51% of the interest earned on the money in a relevant trust account during the
pre-commencement period at the agreed rate to the Legal Contribution Trust
within 10 working days after the last day of the pre-commencement period.
Penalty for this subsection: a fine of $5 000.
(3) Subsection (2)
does not apply in respect of a relevant trust account if the sum of the
balances of all trust accounts maintained by the law practice with the ADI was
less than $500 at any time during the pre-commencement period.