sec.261Keeping trust records

### sec.261 Keeping trust records A law practice must keep in permanent form trust records in relation to trust money received by the practice. Maximum penalty—100 penalty units. The law practice must keep the trust records— in the way prescribed under a regulation; and in a way that at all times discloses the true position in relation to trust money received for any person; and in a way that enables the trust records to be conveniently and properly investigated or externally examined; and for the period prescribed under a regulation. Maximum penalty—100 penalty units. (sec.261-ssec.1) A law practice must keep in permanent form trust records in relation to trust money received by the practice. Maximum penalty—100 penalty units. (sec.261-ssec.2) The law practice must keep the trust records— in the way prescribed under a regulation; and in a way that at all times discloses the true position in relation to trust money received for any person; and in a way that enables the trust records to be conveniently and properly investigated or externally examined; and for the period prescribed under a regulation. Maximum penalty—100 penalty units. - (a) in the way prescribed under a regulation; and - (b) in a way that at all times discloses the true position in relation to trust money received for any person; and - (c) in a way that enables the trust records to be conveniently and properly investigated or externally examined; and - (d) for the period prescribed under a regulation.