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Legal Profession Regulations 2018
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Turn the raw legal text into a practical explanation grounded in Legal Profession Regulations 2018.
(1) This regulation has effect for the purposes of section 409 of the Act and applies to an interstate legal practitioner who (whether alone or with a co-signatory) becomes authorised to withdraw money from a local trust account of a law practice.
(2) The practitioner must notify the prescribed authority of the authorisation.
(3) The notification must include the following particulars:
(a) the practitioner's name;
(b) the jurisdiction in which the practitioner's only or most recent current Australian practising certificate was granted;
(c) the practitioner's principal business address;
(d) details of the local trust account, including the following:
(i) the name of the law practice operating the account;
(ii) the practice's principal business address;
(iii) the name of the ADI with which the account is held;
(iv) the names of any other signatories to the account;
(e) the date on which the practitioner became authorised to withdraw money from the trust account.
(4) The practitioner must notify the prescribed authority of any change to the particulars referred to in subregulation (3) .
(5) A notification under this regulation must be in writing and must be sent or delivered to the business address of the prescribed authority before the end of the period of 7 days starting on the day on which the practitioner becomes authorised to withdraw money from the local trust account or the change occurs, as the case requires.