74Amendment of notional amount by law society

74 Amendment of notional amount by law society (1) If the law society is during a trust accounting year satisfied, on an application made to it by a law practice that is under an obligation to deposit, or has on deposit, with the law society money under this division, that, having regard to the amount of trust money standing, on the day the application is made, to the credit of the general trust account of the practice, it is appropriate that the notional amount standing to the credit of the general trust account of the law practice on the last day of the previous trust accounting year should be reduced, the law society may decide that that notional amount be reduced to an amount stated in the decision. (2) If the law society makes a decision mentioned in subsection (1) in relation to a law practice— (a) this division, in its application to the law practice, applies, during the remainder of the trust accounting year in which the decision is made, as if the amount stated in the decision had been the notional amount standing to the credit of the general trust account of the law practice on the last day of the previous trust accounting year; and (b) if, on the day when the decision is made, the law practice has on deposit with the law society money exceeding the amount that the practice would have been required to have on deposit with the law society if the amount stated in the decision had been the notional amount standing to the credit of the general trust account of the practice on the last day of the previous year—the practice is entitled to be repaid an amount equal to the amount of the excess.