Legal Profession Uniform Law (NSW)
140Transit money
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140 Transit money
140 Transit money
(1) A law practice that has received transit money must pay or deliver the money as required by the instructions relating to the money within the period (if any) specified in the instructions, or else as soon as practicable after it is received.
Civil penalty: 50 penalty units.
(2) A law practice must, in respect of transit money received by the law practice, record and keep brief particulars sufficient to identify the relevant transaction and any purpose for which the money was received.
Civil penalty: 50 penalty units.
(3) A law practice must keep the particulars mentioned in subsection (2) for 7 years.
Civil penalty: 50 penalty units.