226ATrust money received in form of cash

226A Trust money received in form of cash (1) A law practice must deposit general trust money received in the form of cash in a general trust account of the practice. (2) If the law practice has a written direction by an appropriate person to deal with general trust money received in the form of cash otherwise than by first depositing it in a general trust account of the practice— (a) the money must nevertheless be deposited in a general trust account of the practice in accordance with subsection (1); and (b) the money is after that to be dealt with in accordance with any applicable terms of the direction to the extent that the terms are not inconsistent with paragraph (a). (3) Controlled money received in the form of cash must be deposited in a controlled money account in accordance with section 224 (Controlled money). (4) A law practice must deposit transit money received in the form of cash in a general trust account of the practice before the money is otherwise dealt with in accordance with the instructions relating to the money. (5) A law practice must deposit trust money that is received in the form of cash and is the subject of a power in a general trust account (or a controlled money account in the case of controlled money) of the practice before the money is otherwise dealt with in accordance with the power. (6) This section has effect despite anything to the contrary in any relevant direction, instruction or power. (7) If a law practice that is an Australian legal practitioner who is a sole subsection (1), (4) or (5), the practitioner or practice commits an Maximum penalty: 50 penalty units (8) If a law practice that is a law firm, or a multidisciplinary partnership, contravenes subsection (1), (4) or (5) each principal of the practice (9) An offence against subsection (7) or (8) is a strict liability offence. (10) In this section: appropriate person, in relation to trust money, means a person who is legally entitled to give the law practice concerned directions in relation to dealings with the money. general trust money means trust money other than— (a) controlled money; and (b) transit money; and (c) money that is the subject of a power.