340Termination of manager’s appointment

340 Termination of manager’s appointment

340 Termination of manager’s appointment

(1) The appointment of a manager for a law practice terminates in the following circumstances—

(a) the term of the appointment comes to an end;

(b) the appointment is set aside under section 358;

(c) the appointment of a receiver for the law practice takes effect, where the terms of the appointment indicate that the receiver is authorised to exercise the powers and other functions of a manager;

(d) the manager has wound up the affairs of the law practice;

(e) a determination of the designated local regulatory authority that the appointment be terminated has taken effect.

(2) The designated local regulatory authority may determine in writing that the appointment be terminated immediately or with effect from a specified date.

(3) If the appointment terminates in the circumstances referred to in subsection (1)(a), (c) or (e), the former manager must, as soon as practicable after the termination, transfer and deliver the regulated property and client files of the law practice to—

(a) another external intervener appointed for the law practice; or

(b) the law practice, if another external intervener is not appointed for the law practice.

(4) The former manager need not transfer regulated property and files to the law practice in compliance with subsection (3) unless the manager’s expenses have been paid to the designated local regulatory authority.

(5) The designated local regulatory authority must serve a written notice of the termination on all persons originally served with notice of the appointment.