Western Australian Numbered Acts Western Australian Numbered Acts (1) In this
Part —
“controlled money” means money
received or held by a law practice in respect of 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;
“controlled money account” means an
account maintained by a law practice with an ADI for the holding of controlled
money received by the practice;
“general trust account” means an
account maintained in this jurisdiction by a law practice with an ADI for the
holding of trust money received by the practice, other than controlled money
or transit money;
“investigation” means an investigation
under Division 3 of the affairs of a law practice;
“investigator” means a person holding
an appointment as an investigator under Division 3;
“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
maintained by a law practice with an ADI to hold trust money;
“trust money” means money entrusted to
the 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 or on
behalf of another person;
“trust records” includes the
following —
(a)
receipts;
(b)
cheque butts or cheque requisitions;
(c)
records of authorities to withdraw by electronic funds transfer;
(d)
deposit records (including deposit slips and duplicate deposit slips);
(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 as required to be furnished under the regulations;
(l)
registers required to be kept under the regulations;
(m)
monthly statements required to be kept under the regulations;
(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;
(p)
supporting information required to be kept under the regulations 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 or on behalf of 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 or 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)
one or more associates of the practice;
(ii)
the person or one or more nominees of the person, for
whom or on whose behalf the money may or is to be dealt with under the power.