Legal Profession Uniform Law (NSW)
139Controlled money
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139 Controlled money
139 Controlled money
(1) As soon as practicable after receiving controlled money, a law practice must deposit the money in the account specified in the written direction relating to the money.
Civil penalty: 50 penalty units.
(2) The law practice must hold controlled money deposited in a controlled money account in accordance with subsection (1) exclusively for the person on whose behalf it was received.
Civil penalty: 50 penalty units.
(3) Subject to a court order or as authorised by law, the law practice that holds money deposited in a controlled money account must not disburse the money except in accordance with—
(a) the written direction relating to the money; or
(b) a later written direction given by or on behalf of the person on whose behalf the money was received.
Civil penalty: 50 penalty units.
(4) The law practice must maintain the controlled money account, and account for the controlled money, as required by the Uniform Rules.
Civil penalty: 50 penalty units.
(5) The law practice must keep a written direction mentioned in this section for 7 years.
Civil penalty: 50 penalty units.
(6) The law practice must ensure that the controlled money account is used for the deposit of controlled money received on behalf of the person referred to in subsection (2), and not for the deposit of controlled money received on behalf of any other person, except to the extent that the Uniform Rules otherwise permit.
Civil penalty: 50 penalty units.
(7) The Uniform Rules may make provision with respect to the receipt of controlled money, the establishment and maintenance of controlled money accounts, the withdrawal of controlled money, and the keeping of registers of controlled money.