221Keeping of general trust account

221 Keeping of general trust account (1) A law practice that receives trust money to which this part applies must keep a general trust account in the ACT. (2) A law practice that is required to keep a general trust account in the ACT must establish and keep the account as required by regulation. (3) Subsection (1) does not apply to a law practice in relation to any period during which the practice receives only either or both of the (a) controlled money; (b) transit money received in a form other than cash. (7) Subject to any regulation, a requirement of this section for a law practice to keep, or establish and keep, a general trust account in the ACT does not prevent the practice from keeping, or establishing and keeping, more than 1 general trust account in the ACT, whether during the same period or during different periods.

(8) Without limiting this section, a regulation may provide that a law practice must not close a general trust account except as permitted by