56Authority to receive trust money

#### 56 Authority to receive trust money 56 Authority to receive trust money > > (1) This rule applies to an incorporated legal practice that does not, during a particular period (referred to in this rule as that period), have any principals who hold an Australian practising certificate authorising the receipt of trust money. > > > (2) For the purposes of section 150(b) of the Uniform Law, the incorporated legal practice is authorised to receive trust money during that period— > > > > > (a) if a person— > > > > > > > (i) holds an appointment under section 106(5) of the Uniform Law that is operative during that period in relation to the practice, and > > > > > > > (ii) holds an Australian practising certificate authorising the receipt of trust money, or > > > > > (b) if— > > > > > > > (i) an Australian legal practitioner employed by the practice during that period holds an Australian practising certificate authorising the receipt of trust money, and > > > > > > > (ii) the practice is not, during that period, in default of requirements under section 106 of that Law regarding authorised principals, > > > > > > so long as there was, immediately before the start of that period, at least one principal of the practice who held an Australian practising certificate authorising the receipt of trust money.