27Establishment of general trust account

27 Establishment of general trust account

(1)  A law practice may at any time establish a general trust account that satisfies the requirements of this regulation, but must, as soon as practicable after receiving trust money that is required to be paid into a general trust account, establish a general trust account that satisfies those requirements if the practice does not already have such a general trust account.

(2)  A general trust account satisfies the requirements of this regulation if –

(a) the account is established in this jurisdiction, before or after the commencement of this regulation, with an approved ADI; and

(b) the account is and is to be maintained in this jurisdiction; and

(c) the name of the account includes –

(i) the name of the law practice or the business name under which the law practice engages in legal practice; and

(ii) the expression "law practice trust account" or "law practice trust a/c"; and

(d) the account is of a kind that is for the time being approved by the prescribed authority.

(3)  Subregulation (2)(c) does not apply to an account established in this jurisdiction before the commencement of this regulation.

(4)  Subregulation (2)(c)(ii) does not require the repetition of the words "law practice" if those words form part of the name or business name of the law practice.