sec.249Holding, disbursing and accounting for trust money

### sec.249 Holding, disbursing and accounting for trust money A law practice must— hold trust money deposited in a general trust account of the practice exclusively for the person on whose behalf it is received; and disburse the trust money only under a direction given by the person. Maximum penalty—50 penalty units. Subsection (1) applies subject to an order of a court of competent jurisdiction, division 2A or as otherwise authorised by law. Subject to division 2A , the law practice must account for the trust money in the way prescribed under a regulation. Maximum penalty—50 penalty units. s 249 amd 2014 No. 46 s 58 (sec.249-ssec.1) A law practice must— hold trust money deposited in a general trust account of the practice exclusively for the person on whose behalf it is received; and disburse the trust money only under a direction given by the person. Maximum penalty—50 penalty units. (sec.249-ssec.2) Subsection (1) applies subject to an order of a court of competent jurisdiction, division 2A or as otherwise authorised by law. (sec.249-ssec.3) Subject to division 2A , the law practice must account for the trust money in the way prescribed under a regulation. Maximum penalty—50 penalty units. - (a) hold trust money deposited in a general trust account of the practice exclusively for the person on whose behalf it is received; and - (b) disburse the trust money only under a direction given by the person.