79Law practice closing down, closing office or ceasing to

79 Law practice closing down, closing office or ceasing to receive or hold trust money (1) A law practice that holds trust money must give the law society council at least 14 days written notice of its intention— (a) to stop existing as a law practice; or (b) to stop engaging in legal practice in the ACT; or (c) to stop practising in a way that involves receiving trust money. (2) Not later than 14 days after the day it stops holding trust money, a law practice that holds trust money must give the law society council— (a) written notice that it has stopped holding trust money; and (b) if the practice has not given a notice under subsection (1) within the previous 28 days, a notice that complies with that subsection. (3) A notice under this section must include particulars sufficient to identify— (a) a law practice’s general trust accounts and controlled money accounts; and (b) trust money controlled by the practice (or by an associate) under a power; and (c) trust money invested by the practice. law practice includes a former law practice and the people who were principals of a law practice immediately before the law practice stopped existing as a law practice or engaging in legal practice in the ACT.