489Effect of service of notice of appointment of manager

489 Effect of service of notice of appointment of manager (a) the person is given notice under section 488 of the appointment of a manager for a law practice; and (b) the person is a legal practitioner associate of the practice who is named in the notice under section 488 (2) (f); and (c) the person participates in the affairs of the practice otherwise than under the direct supervision of the manager. (2) Strict liability applies to subsection (1) (a) and (b). (3) If an ADI is given notice under section 488 of the appointment of a manager for a law practice, then, while the appointment is in force, the ADI must ensure that no funds are withdrawn or transferred from a trust account of the practice unless— drawn on the account signed by— (iii) a nominee of the manager or receiver; or

(b) the withdrawal or transfer is made by means of electronic or internet banking facilities by— (iii) a nominee of the manager or receiver; or by— (iii) a nominee of the manager or receiver. (4) A person commits an offence if— (a) the person is given notice under section 488 of the appointment of a manager for a law practice; and (5) Strict liability applies to subsection (4) (a). (6) Subsection (4) does not apply to an ADI, the manager for the law practice, a receiver for the practice or a legal practitioner associate to whom subsection (1) applies.

(7) The manager for a law practice may, for subsection (3) (b), enter into arrangements with an ADI for withdrawing funds from a trust account of the practice using electronic or internet banking facilities. (8) If an amount is withdrawn or transferred in contravention of subsection (3) from a trust account of the law practice kept with an ADI, the manager for the practice, or a receiver for the practice, may recover the amount from the ADI as a debt in a court of competent (9) The manager or receiver for the law practice must pay any amount recovered from the ADI under subsection (8) into the trust account of the practice or another trust account nominated by the manager or receiver.