sec.33Establishment of general trust account— Act , s 247

### sec.33 Establishment of general trust account— Act , s 247 A law practice must, after receiving trust money that is required to be paid into a general trust account, establish a compliant general trust account if the practice does not already have a compliant general trust account. Subsection (1) does not prevent a law practice from establishing a compliant general trust account at any time. A general trust account is compliant if— the account is established in this jurisdiction, at any time, with an approved ADI; and the account is and will be kept in this jurisdiction; and the name of the account includes— the name of the law practice or the business name under which the law practice engages in legal practice; and the expression ‘law practice trust account’ or ‘law practice trust a/c’; and the account is of a kind that is, for the time being, approved by the law society. Subsection (3) (c) does not apply to an account established in this jurisdiction before 1 July 2007. Subsection (3) (c) (ii) does not require the repetition of the words ‘law practice’ if those words form part of the name or business name of the law practice. (sec.33-ssec.1) A law practice must, after receiving trust money that is required to be paid into a general trust account, establish a compliant general trust account if the practice does not already have a compliant general trust account. (sec.33-ssec.2) Subsection (1) does not prevent a law practice from establishing a compliant general trust account at any time. (sec.33-ssec.3) A general trust account is compliant if— the account is established in this jurisdiction, at any time, with an approved ADI; and the account is and will be kept in this jurisdiction; and the name of the account includes— the name of the law practice or the business name under which the law practice engages in legal practice; and the expression ‘law practice trust account’ or ‘law practice trust a/c’; and the account is of a kind that is, for the time being, approved by the law society. (sec.33-ssec.4) Subsection (3) (c) does not apply to an account established in this jurisdiction before 1 July 2007. (sec.33-ssec.5) Subsection (3) (c) (ii) does not require the repetition of the words ‘law practice’ if those words form part of the name or business name of the law practice. - (a) the account is established in this jurisdiction, at any time, with an approved ADI; and - (b) the account is and will be kept in this jurisdiction; and - (c) the name of the account includes— (i) the name of the law practice or the business name under which the law practice engages in legal practice; and (ii) the expression ‘law practice trust account’ or ‘law practice trust a/c’; and - (i) the name of the law practice or the business name under which the law practice engages in legal practice; and - (ii) the expression ‘law practice trust account’ or ‘law practice trust a/c’; and - (d) the account is of a kind that is, for the time being, approved by the law society. - (i) the name of the law practice or the business name under which the law practice engages in legal practice; and - (ii) the expression ‘law practice trust account’ or ‘law practice trust a/c’; and