42Maintenance of controlled money accounts

42 Maintenance of controlled money accounts

(1)  For the purposes of section 245(4) of the Act, a controlled money account must be maintained under an account name that includes the following particulars:

(a) the name of the law practice concerned;

(b) the expression "controlled money account" or the abbreviation "CMA" or "CMA/c";

(c) such particulars as are sufficient to identify the purpose of the account and to distinguish the account from any other account maintained by the law practice.

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