55Notification requirements regarding general trust accounts

55 Notification requirements regarding general trust accounts (1) Within 14 days after establishing a general trust account, a law practice must give the Law Society written notice of that fact. (2) A law practice: (a) either before, or within 14 days after, authorising or terminating the authority of an associate of the practice or an Australian legal practitioner: (i) to sign cheques drawn on a general trust account of the (ii) otherwise to effect, direct or give authority for the withdrawal of money from a general trust account of the practice;

Legal Profession Regulations 2007 36 must give the Society written notice of that fact (including the name and address of the associate or practitioner and indicating, in the case of an associate, whether the associate is an employee of the practice); and (b) during July of each year, must give the Society written notice of the associates and Australian legal practitioners (including their names and addresses) who are authorised, as at 1 July of that year: (i) to sign cheques drawn on a general trust account of the (ii) otherwise to effect, direct or give authority for the withdrawal of money from a general trust account of the (3) Within 14 days after the closure of a general trust account maintained by it, a law practice must give the Society written notice of that fact. (4) A notice under this regulation given by a law practice must include particulars sufficient to identify the general trust accounts of the (5) In this regulation: law practice includes a former law practice and the persons who were principals of a law practice immediately before the law practice ceased to exist as a law practice or to engage in legal practice in this jurisdiction.