223Holding, disbursing and accounting for trust money

223 Holding, disbursing and accounting for trust money (1) A law practice must— (a) hold trust money deposited in a general trust account of the practice exclusively for the person on whose behalf it is received; and (b) disburse the trust money only in accordance with a direction given by the person.

(2) Subsection (1) applies subject to an order of a court of competent jurisdiction or as authorised by law. (3) The law practice must account for the trust money as required by (1) or (3), the practitioner or practice commits an offence. contravenes subsection (1) or (3), each principal of the practice