128Definitions

128 Definitions

128 Definitions

(1) In this Law—

authorised ADI means an ADI authorised to maintain trust accounts to hold trust money under section 149;

controlled money means money received or held by a law practice in respect of which the law practice has a written direction to deposit the money in an account (other than a general trust account) over which the law practice has or will have exclusive control;

controlled money account means an account maintained by a law practice with an ADI for the holding of controlled money received by the law practice;

general trust account means an account maintained by a law practice with an authorised ADI for the holding of trust money, other than controlled money or transit money;

permanent form, in relation to a trust record, means printed or, on request, capable of being printed, in English on paper or other material;

transit money means money received by a law practice subject to instructions to pay or deliver it to a third party, other than an associate of the law practice;

trust account means an account maintained by a law practice with an authorised ADI to hold trust money;

trust property means property entrusted to a law practice in the course of or in connection with the provision of legal services by the law practice for or on behalf of another person, but does not include trust money;

trust records includes the following documents—

(a) receipts;

(b) cheque butts or cheque requisitions;

(c) records of authorities to withdraw by electronic funds transfer;

(d) deposit records;

(e) trust account ADI statements;

(f) trust account receipts and payments cash books;

(g) trust ledger accounts;

(h) records of monthly trial balances;

(i) records of monthly reconciliations;

(j) trust transfer journals;

(k) statements of account as required to be furnished under the Uniform Rules;

(l) registers required to be kept under the Uniform Rules;

(m) monthly statements required to be kept under the Uniform Rules;