sec.507Effect of service of notice of appointment

### sec.507 Effect of service of notice of appointment After a law practice is given a notice of appointment of the manager for the practice and until the appointment is terminated, a legal practitioner associate of the practice who is stated or mentioned in the notice must not participate in the affairs of the practice except under the direct supervision of the manager. Maximum penalty—100 penalty units. After an ADI is given a notice of appointment of the manager for the law practice and until the appointment is terminated, the ADI must ensure that no funds are withdrawn or transferred from a trust account of the practice unless the withdrawal or transfer is made— by cheque or other instrument drawn on that account and signed by— the manager; or a receiver for the practice; or a nominee of the manager or receiver; or by means of electronic or internet banking facilities by— the manager; or a receiver for the practice; or a nominee of the manager or receiver; or under an authority to withdraw or transfer funds from the account signed by— the manager; or a receiver for the practice; or a nominee of the manager or receiver. After a person is given a notice of appointment of the manager for the law practice and until the appointment is terminated, the person must not— deal with any of the practice’s trust money; or sign any cheque or other instrument drawn on a trust account of the practice; or authorise the withdrawal or transfer of funds from a trust account of the practice. Maximum penalty—100 penalty units. Subsection (3) does not apply to a legal practitioner associate mentioned in subsection (1) , an ADI or the manager or receiver for the practice. If approved by the law society, the manager may, for subsection (2) (b) , enter into arrangements with an ADI for withdrawing money from a trust account of the law practice by means of electronic or internet banking facilities. If an amount is withdrawn or transferred in contravention of subsection (2) , that amount may be recovered from the ADI concerned by the manager, or a receiver for the law practice, as a debt and, if recovered, must be paid into a trust account of the law practice or another trust account nominated by the manager or receiver. (sec.507-ssec.1) After a law practice is given a notice of appointment of the manager for the practice and until the appointment is terminated, a legal practitioner associate of the practice who is stated or mentioned in the notice must not participate in the affairs of the practice except under the direct supervision of the manager. Maximum penalty—100 penalty units. (sec.507-ssec.2) After an ADI is given a notice of appointment of the manager for the law practice and until the appointment is terminated, the ADI must ensure that no funds are withdrawn or transferred from a trust account of the practice unless the withdrawal or transfer is made— by cheque or other instrument drawn on that account and signed by— the manager; or a receiver for the practice; or a nominee of the manager or receiver; or by means of electronic or internet banking facilities by— the manager; or a receiver for the practice; or a nominee of the manager or receiver; or under an authority to withdraw or transfer funds from the account signed by— the manager; or a receiver for the practice; or a nominee of the manager or receiver. (sec.507-ssec.3) After a person is given a notice of appointment of the manager for the law practice and until the appointment is terminated, the person must not— deal with any of the practice’s trust money; or sign any cheque or other instrument drawn on a trust account of the practice; or authorise the withdrawal or transfer of funds from a trust account of the practice. Maximum penalty—100 penalty units. (sec.507-ssec.4) Subsection (3) does not apply to a legal practitioner associate mentioned in subsection (1) , an ADI or the manager or receiver for the practice. (sec.507-ssec.5) If approved by the law society, the manager may, for subsection (2) (b) , enter into arrangements with an ADI for withdrawing money from a trust account of the law practice by means of electronic or internet banking facilities. (sec.507-ssec.6) If an amount is withdrawn or transferred in contravention of subsection (2) , that amount may be recovered from the ADI concerned by the manager, or a receiver for the law practice, as a debt and, if recovered, must be paid into a trust account of the law practice or another trust account nominated by the manager or receiver. - (a) by cheque or other instrument drawn on that account and signed by— (i) the manager; or (ii) a receiver for the practice; or (iii) a nominee of the manager or receiver; or - (i) the manager; or - (ii) a receiver for the practice; or - (iii) a nominee of the manager or receiver; or - (b) by means of electronic or internet banking facilities by— (i) the manager; or (ii) a receiver for the practice; or (iii) a nominee of the manager or receiver; or - (i) the manager; or - (ii) a receiver for the practice; or - (iii) a nominee of the manager or receiver; or - (c) under an authority to withdraw or transfer funds from the account signed by— (i) the manager; or (ii) a receiver for the practice; or (iii) a nominee of the manager or receiver. - (i) the manager; or - (ii) a receiver for the practice; or - (iii) a nominee of the manager or receiver. - (i) the manager; or - (ii) a receiver for the practice; or - (iii) a nominee of the manager or receiver; or - (i) the manager; or - (ii) a receiver for the practice; or - (iii) a nominee of the manager or receiver; or - (i) the manager; or - (ii) a receiver for the practice; or - (iii) a nominee of the manager or receiver. - (a) deal with any of the practice’s trust money; or - (b) sign any cheque or other instrument drawn on a trust account of the practice; or - (c) authorise the withdrawal or transfer of funds from a trust account of the practice.