Western Australian Numbered Acts

LEGAL PROFESSION ACT 2008 (NO. 21 OF 2008) - SECT 245

245 .         Restrictions on receipt of trust money

        (1)         A law practice (other than an incorporated legal practice) must not receive trust money unless a principal holds an Australian practising certificate authorising the receipt of trust money.

        Penalty: a fine of $25 000.

        (2)         An incorporated legal practice must not receive trust money unless —

            (a)         at least one legal practitioner director of the practice holds an Australian practising certificate authorising the receipt of trust money; or

            (b)         a person is holding an appointment under section 107 in relation to the practice and the person holds an Australian practising certificate authorising the receipt of trust money; or

            (c)         the money is received during any period during which the practice —

                  (i)         does not have any legal practitioner directors; and

                  (ii)         is not in default of director requirements under section 107,

                so long as there was, immediately before the start of that period, at least one legal practitioner director of the practice who held an Australian practising certificate authorising the receipt of trust money.

        Penalty: a fine of $25 000.