sec.45Trust ledger account in name of law practice or legal practitioner associate

### sec.45 Trust ledger account in name of law practice or legal practitioner associate Subject to this section, a law practice must not keep a trust ledger account in the name of the practice or a legal practitioner associate of the practice. A law practice may keep in its trust ledger— a trust ledger account in the practice’s name if the account is used only for aggregating in the account, by transfer from other accounts in the trust ledger, money properly due to the practice for legal costs; and a trust ledger account in a legal practitioner associate’s name if the account is used only in relation to money in which the associate has a personal and beneficial interest as a vendor, purchaser, lessor or lessee or in another similar capacity. If subsection (2) (a) applies, the law practice must ensure the money in the trust ledger account is withdrawn from the general trust account within 1 month after the day on which the money was transferred to the trust ledger account. If subsection (2) (b) applies, the law practice must ensure the money in the trust ledger account is withdrawn from the general trust account at the conclusion of the matter to which the money relates. (sec.45-ssec.1) Subject to this section, a law practice must not keep a trust ledger account in the name of the practice or a legal practitioner associate of the practice. (sec.45-ssec.2) A law practice may keep in its trust ledger— a trust ledger account in the practice’s name if the account is used only for aggregating in the account, by transfer from other accounts in the trust ledger, money properly due to the practice for legal costs; and a trust ledger account in a legal practitioner associate’s name if the account is used only in relation to money in which the associate has a personal and beneficial interest as a vendor, purchaser, lessor or lessee or in another similar capacity. (sec.45-ssec.3) If subsection (2) (a) applies, the law practice must ensure the money in the trust ledger account is withdrawn from the general trust account within 1 month after the day on which the money was transferred to the trust ledger account. (sec.45-ssec.4) If subsection (2) (b) applies, the law practice must ensure the money in the trust ledger account is withdrawn from the general trust account at the conclusion of the matter to which the money relates. - (a) a trust ledger account in the practice’s name if the account is used only for aggregating in the account, by transfer from other accounts in the trust ledger, money properly due to the practice for legal costs; and - (b) a trust ledger account in a legal practitioner associate’s name if the account is used only in relation to money in which the associate has a personal and beneficial interest as a vendor, purchaser, lessor or lessee or in another similar capacity.