481Appointment of supervisor

481 Appointment of supervisor (1) This section applies if the law society council decides to appoint a supervisor of trust money of a law practice. (2) The law society council may appoint a person as supervisor of trust Note 2 In particular, a person may be appointed for a particular provision of a law (see Legislation Act, s 7 (3)) and an appointment may be made by naming a person or nominating the occupant of a position (see s 207). (3) The appointee must be either— (a) an Australian legal practitioner who holds an unrestricted (b) a person holding accounting qualifications with experience in law practice trust accounts. (4) The appointee may (but need not) be an employee of the law society. (5) The appointment must— (a) identify the law practice and the supervisor; and of a supervisor of trust money; and (d) state any conditions imposed by the law society council when the appointment is made; and

(e) state any fees payable by way of remuneration to the supervisor specifically for carrying out the supervisor’s duties in relation to Note Par (e) is intended to exclude remuneration payable generally, eg as an employee of the law society. (f) provide for the legal costs and the expenses that may be incurred by the supervisor in relation to the external intervention. (6) The appointment may state any reporting requirements to be observed by the supervisor.