LEGAL PROFESSION REGULATIONS 2007
75Conditions on approval of ADIs
Start here
Get a plain-English read of 75
Turn the raw legal text into a practical explanation grounded in LEGAL PROFESSION REGULATIONS 2007.
75 Conditions on approval of ADIs For section 278(3) of the Act, the kinds of conditions that may be imposed on an approval of an ADI under section 278 of the Act are conditions that provide for, or conditions that require arrangements to be negotiated and entered into between the ADI and the Law Society that provide for, any one or more of the following: (a) the payment of interest to the Funds Management Committee on the whole or any part of deposits in trust accounts; (b) the manner in which the Society is informed of amounts held in trust accounts; (c) the auditing of balances in trust accounts; (d) the keeping of any trust accounts or only trust accounts of a particular class (for example, controlled money accounts); (e) any matters relevant to paragraphs (a) to (d).