40Notification requirements regarding general trust accounts

40 Notification requirements regarding general trust accounts

(1)  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.

(2)  Within 14 days after establishing a general trust account, a law practice must give the prescribed authority written notice of that fact.

(3)  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 practice; or

(ii) otherwise to effect, direct, or give authority for, the withdrawal of money from a general trust account of the practice –

must give the prescribed authority 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) before 31 July in each year, must give the prescribed authority 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 practice; or

(ii) otherwise to effect, direct, or give authority for, the withdrawal of money from a general trust account of the practice.

(4)  Within 14 days after the closure of a general trust account maintained by it, a law practice must give the prescribed authority written notice of that fact.

(5)  A notice under this regulation given by a law practice must include particulars sufficient to identify the general trust accounts of the practice.

(6)  A law practice that, immediately before the commencement of this regulation, has given written notice to the prescribed authority establishing a general trust account is, on that commencement, taken to have given notice under this regulation.