47Status and repayment of deposited money

47 Status and repayment of deposited money

47 Status and repayment of deposited money

(1) Money paid under section 46 into an ADI account maintained by the Law Society—

(a) is held by the Law Society in trust for the law practice depositing the money, and

(b) is repayable on demand.

(2) Subsection (1) does not excuse a failure to comply with section 46.

(3) Until repaid, money deposited under section 46 may be invested by the Law Society—

(a) in accordance with Division 2 of Part 2 of the Trustee Act 1925 as if the money were trust funds, or

(b) on deposit with the Treasurer, or

(c) in an account with any ADI.

(4) All interest on investments made under this section is payable to the Law Society on account of the Public Purpose Fund.