sec.247Keeping general trust account

### sec.247 Keeping general trust account A law practice that receives trust money to which this part applies must keep a general trust account in this jurisdiction. Maximum penalty—100 penalty units. A law practice that is required to keep a general trust account in this jurisdiction must establish and keep the account in the way prescribed under a regulation. Maximum penalty—100 penalty units. Subsection (1) does not apply to a law practice in relation to any period during which the practice receives or holds only either or both of the following— controlled money; transit money received in a form other than cash. Subject to any requirements under a regulation, a requirement of this section for a law practice to keep, or establish and keep, a general trust account in this jurisdiction does not prevent the practice from keeping, or establishing and keeping, more than one general trust account in this jurisdiction, whether during the same period or during different periods. Without limiting the other provisions of this section, a regulation may provide that a law practice must not close a general trust account except as permitted under the regulation. (sec.247-ssec.1) A law practice that receives trust money to which this part applies must keep a general trust account in this jurisdiction. Maximum penalty—100 penalty units. (sec.247-ssec.2) A law practice that is required to keep a general trust account in this jurisdiction must establish and keep the account in the way prescribed under a regulation. Maximum penalty—100 penalty units. (sec.247-ssec.3) Subsection (1) does not apply to a law practice in relation to any period during which the practice receives or holds only either or both of the following— controlled money; transit money received in a form other than cash. (sec.247-ssec.4) Subject to any requirements under a regulation, a requirement of this section for a law practice to keep, or establish and keep, a general trust account in this jurisdiction does not prevent the practice from keeping, or establishing and keeping, more than one general trust account in this jurisdiction, whether during the same period or during different periods. (sec.247-ssec.5) Without limiting the other provisions of this section, a regulation may provide that a law practice must not close a general trust account except as permitted under the regulation. - (a) controlled money; - (b) transit money received in a form other than cash.