sec.512Appointment of receiver

### sec.512 Appointment of receiver This section applies if the law society decides to appoint a receiver for a law practice. The law society may, in the law society approved form, appoint a person as receiver. The appointee must be— an Australian legal practitioner who holds an unrestricted practising certificate; or a qualified accountant with experience in law practices’ trust accounts; and may, but need not, be an employee of the law society. The instrument of appointment must— identify the law practice and the receiver; and indicate that the external intervention is by way of appointment of a receiver; and state any conditions imposed by the law society when the appointment is made; and state any fees payable by way of remuneration to the receiver for carrying out his or her duties for the external intervention; and provide for any legal costs and expenses that may be incurred by the receiver for the external intervention. The instrument of appointment may state— the term, if any, of the appointment; and any reporting requirements to be observed by the receiver. s 512 amd 2022 No. 13 s 26 (sec.512-ssec.1) This section applies if the law society decides to appoint a receiver for a law practice. (sec.512-ssec.2) The law society may, in the law society approved form, appoint a person as receiver. (sec.512-ssec.3) The appointee must be— an Australian legal practitioner who holds an unrestricted practising certificate; or a qualified accountant with experience in law practices’ trust accounts; and may, but need not, be an employee of the law society. (sec.512-ssec.4) The instrument of appointment must— identify the law practice and the receiver; and indicate that the external intervention is by way of appointment of a receiver; and state any conditions imposed by the law society when the appointment is made; and state any fees payable by way of remuneration to the receiver for carrying out his or her duties for the external intervention; and provide for any legal costs and expenses that may be incurred by the receiver for the external intervention. (sec.512-ssec.5) The instrument of appointment may state— the term, if any, of the appointment; and any reporting requirements to be observed by the receiver. - (a) an Australian legal practitioner who holds an unrestricted practising certificate; or - (b) a qualified accountant with experience in law practices’ trust accounts; - (a) identify the law practice and the receiver; and - (b) indicate that the external intervention is by way of appointment of a receiver; and - (c) state any conditions imposed by the law society when the appointment is made; and - (d) state any fees payable by way of remuneration to the receiver for carrying out his or her duties for the external intervention; and - (e) provide for any legal costs and expenses that may be incurred by the receiver for the external intervention. - (a) the term, if any, of the appointment; and - (b) any reporting requirements to be observed by the receiver.