21Conditions on approval of ADIs

21 Conditions on approval of ADIs

(1)  For the purposes of section 273(2) of the Act, the kinds of conditions that may be imposed on an approval of an ADI under section 273 of the Act are conditions that provide for, or conditions that require arrangements to be negotiated and entered into between the ADI and the prescribed authority that provide for, any one or more of the following:

(a) the payment of interest to the prescribed authority on the whole or any part of deposits in trust accounts;

(b) the manner in which the prescribed authority 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) , (b) , (c) and (d) .

(2)  An ADI approved under the Legal Profession Act 1993 is, on the commencement of these regulations, taken to have been approved under section 273 of the Act.