Legal Profession Uniform Law (NSW)
151Disclosure of accounts used to hold money
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151 Disclosure of accounts used to hold money
151 Disclosure of accounts used to hold money
(1) A law practice must, in accordance with the requirements referred to in subsection (3), notify the designated local regulatory authority of the details required by the Uniform Rules of each account maintained at an ADI in which the law practice or any legal practitioner associate of the law practice holds money entrusted to the law practice or legal practitioner associate.
Civil penalty: 50 penalty units.
(2) Subsection (1) applies whether or not the money is trust money.
(3) The details must be notified to the designated local regulatory authority at the times and in the manner that the designated local regulatory authority requires.