sec.56Accounting for trust money subject to specific powers— Act , s 254

### sec.56 Accounting for trust money subject to specific powers— Act , s 254 This section prescribes the way trust money mentioned in section 254 (1) of the Act must be accounted for by a law practice. The practice must keep the following in a way that enables dealings with the money to be clearly understood— a record of all dealings with the money to which the practice, or associate with power to deal with the trust money, is a party; all supporting information in relation to the dealings. The record, supporting information and power to deal with the trust money must be kept by the law practice as part of the practice’s trust records. (sec.56-ssec.1) This section prescribes the way trust money mentioned in section 254 (1) of the Act must be accounted for by a law practice. (sec.56-ssec.2) The practice must keep the following in a way that enables dealings with the money to be clearly understood— a record of all dealings with the money to which the practice, or associate with power to deal with the trust money, is a party; all supporting information in relation to the dealings. (sec.56-ssec.3) The record, supporting information and power to deal with the trust money must be kept by the law practice as part of the practice’s trust records. - (a) a record of all dealings with the money to which the practice, or associate with power to deal with the trust money, is a party; - (b) all supporting information in relation to the dealings.