224Controlled money

224 Controlled money (1) As soon as practicable after receiving controlled money, a law practice must deposit the money in the account stated in the written direction relating to the money. (2) The law practice must hold controlled money deposited in a controlled money account in accordance with subsection (1) exclusively for the person on whose behalf it was received. (3) The law practice that holds controlled money deposited in a controlled money account in accordance with subsection (1) must not disburse the money except in accordance with— (a) the written direction mentioned in that subsection; or (b) a later written direction given by or on behalf of the person on whose behalf the money was received.

(4) The law practice must keep the controlled money account, and account for the controlled money, as required by regulation. (5) The law practice must keep a written direction mentioned in this section for the period prescribed by regulation. (6) The law practice must ensure that the controlled money account is used for the deposit of controlled money received on behalf of the person mentioned in subsection (2), and not for the deposit of controlled money received on behalf of anyone else, except to the extent that a regulation otherwise allows. (7) Subsection (3) applies subject to an order of a court of competent jurisdiction or as authorised by law. (8) If a law practice that is an Australian legal practitioner who is a sole (1), (2), (3), (4), (5) or (6), the practitioner or practice commits an (9) If a law practice that is a law firm, or a multidisciplinary partnership, contravenes subsection (1), (2), (3), (4), (5) or (6), each principal of the practice commits an offence (10) An offence against subsection (8) or (9) is a strict liability offence.