241Trust records to be externally examined

241 Trust records to be externally examined (1) A law practice must at least once in each financial year have its trust records externally examined by an external examiner appointed as required by regulation. (2) The law society council may appoint an external examiner to examine a law practice’s trust records if the law society council is not satisfied— (a) that the practice has had its trust records externally examined under subsection (1); or (b) that an external examination of the practice’s trust records has been carried out as required by regulation. (3) This section has effect subject to any exemption under a regulation from the requirement to have trust records examined under this Maximum penalty: 50 penalty units