254Restrictions on receipt of trust money

254 Restrictions on receipt of trust money (1) A law practice (other than an incorporated legal practice) must not receive trust money unless a principal holds an Australian practising certificate authorising the receipt of trust money. (2) If a law practice that is an Australian legal practitioner who is a sole subsection (1) the practitioner or practice commits an offence. (3) If a law practice that is a law firm, or a multidisciplinary partnership, contravenes subsection (1) each principal of the practice commits an (4) An incorporated legal practice commits an offence if— (a) the practice receives trust money; and (b) none of the following subparagraphs applies: (i) at least 1 legal practitioner director of the practice holds an Australian practising certificate authorising the receipt of trust money;

(ii) a person is holding an appointment under section 109 (Incorporated legal practice without legal practitioner director) in relation to the practice and the person holds an Australian practising certificate authorising the receipt of trust money; (iii) the money is received during a period during which the (A) does not have a legal practitioner director; and (B) is not in default of director requirements under section 109; but there was, immediately before the start of the period, at least 1 legal practitioner director of the practice who held an Australian practising certificate authorising the receipt of trust money. (5) An offence against subsection (2), (3) or (4) is a strict liability