Western Australian Current Acts

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LEGAL PROFESSION UNIFORM LAW APPLICATION ACT 2022 - SECT 294

294 .         Interest earned on trust account prior to commencement

        (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.



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