10Definitions

10 Definitions

10 Definitions

(1) In this division—

applicable period means a period of 3 months ending on—

(a) 31 March, or

(b) 30 June, or

(c) 30 September, or

(d) 31 December.

Law Society account means an ADI account maintained by the Law Society if—

(a) the account is with an ADI nominated by the Law Society, and

(b) the Law Society is an owner of the account.

lowest amount, in a law practice’s general trust account, means the lowest amount recorded in a statement of account issued by an ADI for the account.

minimum amount—see section 12.

(2) For a law practice that starts to practise or provide legal services during an applicable period, the applicable period begins on the day the law practice starts to practise or provide legal services.