12Minimum amount

12 Minimum amount

12 Minimum amount

(1) The minimum amount for an applicable period is—

(a) an amount equal to—

(i) if A or B is less than $10,000—$0, or

(ii) if paragraph (i) does not apply—

(A) if B is less than A—80% of B, or

(B) otherwise—A, or

(b) if a repayment is made under the Act, section 47(1)(b) during the applicable period—an amount equal to—

(i) if C is less than $10,000—$0 from the day the repayment is made, or

(ii) otherwise—C from the day the repayment is made.

(2) In this section—

A is the amount equal to the sum of—

(a) the lowest amount in the law practice’s general trust account during the previous applicable period, and

(b) the amount kept on deposit by the law practice in the Law Society account on the day the lowest amount was recorded.

B is the amount equal to the sum of—

(a) the lowest amount in the law practice’s general trust account during the period from the last day of the previous applicable period until the 15th business day of the applicable period, and

(b) the amount kept on deposit by the law practice in the Law Society account on the day the lowest amount was recorded.

C is the amount equal to the sum of—

(a) the lower of the following—

(i) the lowest amount in the law practice’s general trust account during the period from the last day of the previous applicable period until the 15th business day after the day the repayment under the Act, section 47(1)(b) is made,

(ii) the lowest amount in the law practice’s general trust account during the previous applicable period, and

(b) the amount kept on deposit by the law practice in the Law Society account on the day the lowest amount in paragraph (a) was recorded.