Division 3General trust
accounts
60Establishment of general trust
account
(1)
A law practice may at any time open a general
trust account that satisfies the requirements of this clause, but must, as
soon as practicable after receiving trust money that is required to be paid
into a general trust account, establish a general trust account that satisfies
those requirements if the practice does not already have such a general trust
account.
(2)
A general trust account satisfies the
requirements of this clause if:
(a)
the account is established in this jurisdiction,
before, on or after 1 October 2005, with an approved ADI,
and
(b)
the account is and is to be maintained in this
jurisdiction, and
(c)
the name of the account includes:
(i)
the name of the law practice or the business name
under which the law practice engages in legal practice,
and
(ii)
the expression “law practice trust
account” or “law practice trust a/c”,
and
(d)
the account is of a kind that is for the time
being approved by the Law Society Council.
(3)
Subclause (2) (c) does not apply to an account
established in this jurisdiction before 1 October 2005.
(4)
Subclause (2) (c) (ii) does not require the
repetition of the words “law practice” if those words form part of
the name or business name of the law practice.
61Receipting of trust
money
(1)
This clause applies if a law practice receives
trust money that is required to be paid into a general trust
account.
(2)
After receiving the trust money, the law practice
must make out a receipt.
(3)
The receipt must be made out as soon as
practicable:
(a)
after the trust money is received,
or
(b)
in the case of trust money received by direct
deposit—after the law practice receives or can access notice or
confirmation (in written or electronic form) of the deposit from the ADI
concerned.
(4)
The receipt, containing the required particulars,
must be made out in duplicate, whether by way of making a carbon copy or
otherwise, unless at the time the receipt is made out those particulars are
recorded by computer program in the trust account receipts cash
book.
(5)
For the purposes of subclause (4), the required
particulars are as follows:
(a)
the date the receipt is made out and, if
different, the date of receipt of the money,
(b)
the amount of money received,
(c)
the form in which the money was
received,
(d)
the name of the person from whom the money was
received,
(e)
details clearly identifying the name of the
client in respect of whom the money was received and the matter description
and matter reference,
(f)
particulars sufficient to identify the purpose
for which the money was received,
(g)
the name of the law practice, or the business
name under which the law practice engages in legal practice, and the
expression “trust account” or “trust
a/c”,
(h)
the name of the person who made out the
receipt,
(i)
the number of the
receipt.
(6)
The original receipt is to be delivered, on
request, to the person from whom the trust money was
received.
(7)
Receipts must be consecutively numbered and
issued in consecutive sequence.
(8)
If a receipt is cancelled or not delivered, the
original receipt must be retained.
cl 61: Am 2005 (602),
Sch 1 [8].
62Deposit records for trust
money
(1)
This clause applies if a law practice receives
trust money that is required to be paid into a general trust account and the
money is not paid into a general trust account by direct
deposit.
(2)
A deposit record must be produced to the approved
ADI at the time the deposit is made.
(3)
The following particulars must be recorded on the
deposit record:
(a)
the date of the deposit,
(b)
the amount of the deposit,
(c)
whether the deposit consists of cheques, notes or
coins (and the amount of each),
(d)
for each cheque:
(i)
the name of the drawer of the
cheque,
(ii)
the name and branch (or BSB number) of the ADI on
which the cheque is drawn,
(iii)
the amount of the
cheque.
(4)
The deposit record must be made out in duplicate,
whether by way of making a carbon copy or otherwise.
(5)
The duplicate deposit record must be retained for
each deposit to the general trust account and must be retained in a deposit
book or be otherwise securely filed in the order in which the deposits were
made.
cl 62: Am 2005 (602),
Sch 1 [9] [10].
63Direction for non-deposit of
trust money in general trust account
For the purposes of section 254 (3) of the Act,
the prescribed period for which a written direction referred to in section 254
(1) (a) of the Act is to be kept is 7 years after finalisation of the matter
to which the direction relates.
cl 63: Am 2005 (602),
Sch 1 [11].
64Manner of withdrawal of trust
money
(1)
Trust money may be withdrawn from a general trust
account:
(a)
by cheque, in accordance with clause 65,
or
(b)
by electronic funds transfer, in accordance with
clause 66,
and not otherwise.
(2)
The following are specifically prohibited:
(a)
cash withdrawals,
(b)
ATM withdrawals or transfers,
(c)
telephone banking withdrawals or
transfers.
65Payment by
cheque
(1)
This clause applies to the withdrawal of trust
money from a general trust account of a law practice by
cheque.
(2)
A cheque:
(a)
must be made payable to or to the order of a
specified person or persons and not to bearer or cash, and
(b)
must be crossed “not negotiable”,
and
(c)
must include:
(i)
the name of the law practice or the business name
under which the law practice engages in legal practice,
and
(ii)
the expression “law practice trust
account” or “law practice trust
a/c”.
(3)
A cheque must be signed:
(a)
by an authorised principal of the law practice,
or
(b)
if a principal referred to in paragraph (a) is
not available:
(i)
by an authorised legal practitioner associate,
or
(ii)
by an authorised Australian legal practitioner
who holds an unrestricted practising certificate authorising the receipt of
trust money, or
(iii)
by two or more authorised associates
jointly.
(4)
A written record of the required particulars
(which may be in the form of a cheque butt) must be kept of each payment made
by cheque, whether by way of making a carbon copy or otherwise, unless at the
time the cheque is issued those particulars are recorded by computer program
in the trust account payments cash book.
(5)
If at the time the cheque is issued the required
particulars are recorded by computer program in the trust account payments
cash book, a written record must be kept that is sufficient to enable the
accuracy of the particulars recorded by the computer program to be
verified.
(6)
For the purposes of subclauses (4) and (5), the
required
particulars are as follows:
(a)
the date and number of the
cheque,
(b)
the amount ordered to be paid by the
cheque,
(c)
the name of the person to whom the payment is to
be made or, in the case of a cheque made payable to an ADI, the name of the
ADI and the name of the person receiving the benefit of the
payment,
(d)
details clearly identifying the name of the
person on whose behalf the payment was made and the matter
reference,
(e)
details clearly identifying the ledger account to
be debited,
(f)
particulars sufficient to identify the purpose
for which the payment was made.
(7)
Written records relating to payments by cheque
(including cheque requisitions) must be stored in the order in which the
cheques were issued.
(7A)
Subclause (2) (c) does not apply to an account
established in this jurisdiction before 1 October 2005.
(8)
Subclause (2) (c) (ii) does not require the
repetition of the words “law practice” if those words form part of
the name or business name of the law practice.
(9)
In this clause:
associate means an associate of the
law practice.
authorised means authorised by the
law practice to sign cheques drawn on the general trust
account.
cl 65: Am 2005 (602),
Sch 1 [12].
66Payment by electronic funds
transfer
(1)
This clause applies to the withdrawal of trust
money from a general trust account of a law practice by electronic funds
transfer.
(2)
An electronic funds transfer must be effected by,
under the direction of or with the authority of:
(a)
an authorised principal of the law practice,
or
(b)
if a principal referred to in paragraph (a) is
not available:
(i)
an authorised legal practitioner associate,
or
(ii)
an authorised Australian legal practitioner who
holds an unrestricted practising certificate authorising the receipt of trust
money, or
(iii)
two or more authorised associates
jointly.
(3)
A written record of the required particulars must
be kept of each payment unless at the time the electronic funds transfer is
effected those particulars are recorded by computer program in the trust
account payments cash book.
(4)
If at the time the electronic funds transfer is
effected the required particulars are recorded by computer program in the
trust account payments cash book, a written record must be kept that is
sufficient to enable the accuracy of the particulars recorded by the computer
program to be verified.
(5)
For the purposes of subclauses (3) and (4), the
required
particulars are as follows:
(a)
the date and number of the
transaction,
(b)
the amount transferred,
(c)
the name and number of the account to which the
amount was transferred and relevant BSB number,
(d)
the name of the person to whom the payment was
made or, in the case of a payment to an ADI, the name or BSB number of the ADI
and the name of the person receiving the benefit of the
payment,
(e)
details clearly identifying the name of the
person on whose behalf the payment was made and the matter
reference,
(f)
details clearly identifying the ledger account to
be debited,
(g)
particulars sufficient to identify the purpose
for which the payment was made.
(6)
Written records relating to payments by
electronic funds transfer (including transfer requisitions) must be stored in
the order in which the transfers were effected.
(7)
In this clause:
associate means an associate of the
law practice.
authorised means authorised by the
law practice to effect, direct or give authority for an electronic funds
transfer from the general trust account.
cl 66: Am 2005 (602),
Sch 1 [13].
67Recording transactions in
trust account cash books
A law practice that maintains a general trust
account must keep the following trust account cash books:
(a)
a trust account receipts cash book in accordance
with clause 68,
(b)
a trust account payments cash book in accordance
with clause 69.
68Trust account receipts cash
book
(1)
The following particulars must be recorded in a
law practice’s trust account receipts cash book in respect of each
receipt of trust money:
(a)
the date a receipt was made out for the money
and, if different, the date of receipt of the money,
(b)
the receipt number,
(c)
the amount of money received,
(d)
the form in which the money was
received,
(e)
the name of the person from whom the money was
received,
(f)
details clearly identifying the name of the
client in respect of whom the money was received and the matter description
and matter reference,
(g)
particulars sufficient to identify the purpose
for which the money was received,
(h)
details clearly identifying the ledger account to
be credited.
(2)
The date and amount of each deposit in the
general trust account must be recorded in the trust account receipts cash
book.
(3)
The particulars in respect of receipts must be
recorded in the order in which the receipts are made
out.
(4)
The particulars in respect of a receipt must be
recorded within 5 working days counting from and including the day the receipt
was made out.
69Trust account payments cash
book
(1)
The following particulars must be recorded in a
law practice’s trust account payments cash book in respect of each
payment of trust money by cheque:
(a)
the date and number of the
cheque,
(b)
the amount ordered to be paid by the
cheque,
(c)
the name of the person to whom the payment is to
be made or, in the case of a cheque made payable to an ADI, the name or BSB
number of the ADI and the name of the person receiving the benefit of the
payment,
(d)
details clearly identifying the name of the
person on whose behalf the payment was made and the matter
reference,
(e)
details clearly identifying the ledger account to
be debited,
(f)
particulars sufficient to identify the purpose
for which the payment was made.
(2)
The following particulars must be recorded in a
law practice’s trust accounts payments cash book in respect of each
payment of trust money by electronic funds transfer:
(a)
the date and number of the
transaction,
(b)
the amount transferred,
(c)
the name and number of the account to which the
amount was transferred and the relevant BSB number,
(d)
the name of the person to whom the payment was
made or, in the case of a payment to an ADI, the name or BSB number of the ADI
and the name of the person receiving the benefit of the
payment,
(e)
details clearly identifying the name of the
person on whose behalf the payment was made and the matter
reference,
(f)
details clearly identifying the ledger account to
be debited,
(g)
particulars sufficient to identify the purpose
for which the payment was made.
(3)
The particulars in respect of payments must be
recorded in the order in which the payments are made.
(4)
The particulars in respect of a payment must be
recorded within 5 working days counting from and including the day the payment
was made.
70Recording transactions in
trust ledger accounts
(1)
A law practice that maintains a general trust
account must keep a trust account ledger containing separate trust ledger
accounts in relation to each client of the practice in each matter for which
trust money has been received by the practice.
(2)
The following particulars must be recorded in the
title of a trust ledger account:
(a)
the name of the person for or on behalf of whom
the trust money was paid,
(b)
the person’s address,
(c)
particulars sufficient to identify the matter in
relation to which the trust money was received.
(3)
Details of any changes in the title of a trust
ledger account must be recorded.
(4)
The following particulars must be recorded in the
trust ledger account in respect of each receipt of trust money for the
matter:
(a)
the date a receipt was made out for the money
and, if different, the date of receipt of the money,
(b)
the receipt number,
(c)
the amount of money received,
(d)
the name of the person from whom the money was
received,
(e)
particulars sufficient to identify the purpose
for which the money was received.
(5)
The following particulars must be recorded in the
trust ledger account in respect of each payment of trust money by
cheque:
(a)
the date and number of the
cheque,
(b)
the amount ordered to be paid by the
cheque,
(c)
the name of the person to whom the payment is to
be made or, in the case of a cheque made payable to an ADI, the name or BSB
number of the ADI and the name of the person receiving the benefit of the
payment,
(d)
particulars sufficient to identify the purpose
for which the payment was made.
(6)
The following particulars must be recorded in the
trust ledger account in respect of each payment of trust money by electronic
funds transfer:
(a)
the date and number of the
transaction,
(b)
the amount transferred,
(c)
the name and number of the account to which the
amount was transferred and the relevant BSB number,
(d)
the name of the person to whom the payment was
made or, in the case of a payment to an ADI, the name or BSB number of the ADI
and the name of the person receiving the benefit of the
payment,
(e)
particulars sufficient to identify the purpose
for which the payment was made.
(7)
The following particulars must be recorded in the
trust ledger account in respect of each transfer of trust money effected by a
journal entry:
(a)
the date of the transfer,
(b)
the amount transferred,
(c)
the journal reference number,
(d)
the name of the other trust ledger account from
which or to which the money was transferred,
(e)
particulars sufficient to identify the purpose
for which the payment was made.
(8)
Transactions relating to trust money must be
recorded in the trust ledger account in the order in which the transactions
occur.
(9)
The particulars in respect of a receipt, payment
or transfer of trust money must be recorded within 5 working days counting
from and including the day the receipt was made out, the payment was made or
the transfer was effected, as the case requires.
(10)
The trust ledger account balance is to be
recorded in the trust ledger account after each receipt, payment or transfer
of trust money.
71Journal
transfers
(1)
Trust money may be transferred by journal entry
from one trust ledger account in a law practice’s trust ledger to
another trust ledger account in the trust ledger, but only if:
(a)
the law practice is entitled to withdraw the
money and pay it to the other trust ledger account, and
(b)
the transfer has been authorised in
writing:
(i)
by a person who is authorised to sign cheques
drawn on the general trust account without a co-signatory,
or
(ii)
by two or more persons who are authorised to sign
cheques drawn on the general trust account jointly.
(2)
A law practice must keep a trust account transfer
journal if it transfers trust money by journal entry.
(3)
The following particulars must be recorded in the
trust account transfer journal in respect of each transfer of trust money by
journal entry:
(a)
the date of the transfer,
(b)
the trust ledger account from which the money is
transferred (including its identifying reference),
(c)
the trust ledger account to which the money is
transferred (including its identifying reference),
(d)
the amount transferred,
(e)
particulars sufficient to identify the purpose
for which the transfer is made, the matter reference and a short description
of the matter.
(4)
Journal pages or entries must be consecutively
numbered.
(5)
A law practice must keep particulars of the
authorisation for each transfer of trust money by journal entry, whether in
the trust account transfer journal or in some other way.
72Reconciliation of trust
records
(1)
A law practice that maintains one or more general
trust accounts must reconcile the trust records relating to the only or each
account.
(2)
The trust records relating to a general trust
account are to be reconciled as at the end of each named month by
preparing:
(a)
a statement:
(i)
reconciling the general trust account balance as
shown in ADI records with the balance of the practice’s trust account
cash books, and
(ii)
showing the date the statement was prepared,
and
(b)
a statement:
(i)
reconciling the balance of the trust ledger
accounts with the balance of the practice’s trust account cash books,
and
(ii)
containing a list of the practice’s trust
ledger accounts showing the name, identifying reference and balance of each
and a short description of the matter to which each relates,
and
(iii)
showing the date the statement was
prepared.
(3)
The statements must be prepared within 15 working
days after the end of the month concerned.
(4)
The statements must be retained by the law
practice.
cl 72: Am 2005 (602),
Sch 1 [14].
73Trust ledger account in name
of law practice or legal practitioner associate
(1)
A law practice must not maintain a trust ledger
account in the name of the practice or a legal practitioner associate of the
practice except as authorised by this clause.
(2)
A law practice may maintain in its trust
ledger:
(a)
a trust ledger account in the practice’s
name, but only for the purpose of aggregating in the account, by transfer from
other accounts in the trust ledger, money properly due to the practice for
legal costs, and
(b)
a trust ledger account in a legal practitioner
associate’s name, but only in respect of money in which the associate
has a personal and beneficial interest as a vendor, purchaser, lessor or
lessee or in another similar capacity.
(3)
In a case to which subclause (2) (a) applies, the
law practice must ensure that the money in the trust ledger account is
withdrawn from the general trust account not later than one month after the
day on which the money was transferred to the trust ledger
account.
(4)
In a case to which subclause (2) (b) applies, the
law practice must ensure that the money in the trust ledger account is
withdrawn from the general trust account at the conclusion of the matter to
which the money relates.
74Notification requirements
regarding general trust accounts
(1)
Within 14 days after establishing a general trust
account, a law practice must give the Law Society Council written notice of
that fact.
(2)
Subclause (1) does not apply to a general trust
account established before 1 October 2005.
(3)
A law practice:
(a)
either before, or within 14 days after,
authorising or terminating the authority of an associate of the practice or an
Australian legal practitioner:
(i)
to sign cheques drawn on a general trust account
of the practice, or
(ii)
otherwise to effect, direct or give authority for
the withdrawal of money from a general trust account of the
practice,
must give the Law Society Council written notice of that
fact (including the name and address of the associate or practitioner and
indicating, in the case of an associate, whether the associate is an employee
of the practice), and
(b)
during July of each year, must give the Law
Society Council written notice of the associates and Australian legal
practitioners (including their names and addresses) who are authorised, as at
1 July of that year:
(i)
to sign cheques drawn on a general trust account
of the practice, or
(ii)
otherwise to effect, direct or give authority for
the withdrawal of money from a general trust account of the
practice.
(4)
Subclause (3) (a) does not apply to an authority
that was given or terminated before 1 October 2005.
(5)
Within 14 days after the closure of a general
trust account maintained by it, a law practice must give the Law Society
Council written notice of that fact.
(6)
Subclause (5) does not apply to a general trust
account that was closed before 1 October 2005.
(7)
A notice under this clause given by a law
practice must include particulars sufficient to identify the general trust
accounts of the practice.
(8)
In this clause, law practice includes a former law
practice and the persons who were principals of a law practice immediately
before the law practice ceased to exist as a law practice or to engage in
legal practice in this jurisdiction.
Division 4Controlled
money
75Maintenance of controlled
money accounts—section 256 (4) of the Act
(1)
For the purposes of section 256 (4) of the Act, a
controlled money account must be maintained under an account name that
includes the following particulars:
(a)
the name of the law practice
concerned,
(b)
the expression “controlled money
account”,
(c)
such particulars as are sufficient to identify
the purpose of the account and to distinguish the account from any other
account maintained by the law practice.
(2)
This clause does not apply to an account
established in this jurisdiction before 1 October 2005.
76Receipt of controlled
money
(1)
This clause applies if a law practice receives
controlled money.
(2)
The law practice must operate a single controlled
money receipt system for the receipt of controlled money for all its
controlled money accounts.
(3)
After receiving controlled money, the law
practice must make out a receipt.
(4)
The receipt must be made out as soon as
practicable:
(a)
after the controlled money is received,
or
(b)
in the case of controlled money received by
direct deposit—after the law practice receives or can access notice or
confirmation (in written or electronic form) of the deposit from the ADI
concerned.
(5)
The receipt, containing the required particulars,
must be made out in duplicate, whether by way of making a carbon copy or
otherwise, unless at the time the receipt is made out those particulars are
recorded by computer program in the register of controlled
money.
(6)
For the purposes of subclause (5), the required
particulars are as follows:
(a)
the date the receipt is made out and, if
different, the date of receipt of the money,
(b)
the amount of money received,
(c)
the form in which the money was
received,
(d)
the name of the person from whom the money was
received,
(e)
details clearly identifying the name of the
person on whose behalf the money was received and the matter description and
matter reference,
(f)
particulars sufficient to identify the purpose
for which the money was received,
(g)
the name of and other details clearly identifying
the controlled money account to be credited, unless the account has not been
established by the time the receipt is made out,
(h)
the name of the law practice, or the business
name under which the law practice engages in legal practice, and the
expression “controlled money receipt”,
(i)
the name of the person who made out the
receipt,
(j)
the number of the
receipt.
(7)
If the controlled money account to be credited
has not been established by the time the receipt is made out, the name of and
other details clearly identifying the account when established must be
included on the duplicate receipt (if any).
(8)
The original receipt is to be delivered, on
request, to the person from whom the controlled money was
received.
(9)
Receipts must be consecutively numbered and
issued in consecutive sequence.
(10)
If a receipt is cancelled or not delivered, the
original receipt must be retained.
(11)
A receipt is not required to be made out for any
interest or other income received from the investment of controlled money and
credited directly to a controlled money account.
cl 76: Am 2005 (602),
Sch 1 [15] [16].
77Deposit of controlled
money—section 256 (5) of the Act
For the purposes of section 256 (5) of the Act,
the prescribed period for which a written direction referred to in section 256
(1) of the Act is to be kept is 7 years after finalisation of the matter to
which the direction relates.
cl 77: Am 2005 (602),
Sch 1 [17].
78Withdrawal of controlled money
must be authorised
(1)
A withdrawal of money from a controlled money
account of a law practice must be effected by, under the direction of or with
the authority of:
(a)
an authorised principal of the law practice,
or
(b)
if a principal referred to in paragraph (a) is
not available:
(i)
an authorised legal practitioner associate,
or
(ii)
an authorised Australian legal practitioner who
holds an unrestricted practising certificate authorising the receipt of trust
money, or
(iii)
two or more authorised associates
jointly.
(2)
A written record of the required particulars must
be kept of each withdrawal unless at the time the withdrawal is made those
particulars are recorded by computer program.
(3)
If at the time the withdrawal is made the
required particulars are recorded by computer program, a written record must
be kept that is sufficient to enable the accuracy of the particulars recorded
by the computer program to be verified.
(4)
For the purposes of subclauses (2) and (3), the
required
particulars are as follows:
(a)
the date and number of the
transaction,
(b)
the amount withdrawn,
(c)
in the case of a transfer made by electronic
funds transfer—the name and number of the account to which the amount
was transferred and the relevant BSB number,
(d)
the name of the person to whom payment is to be
made or, in the case of a payment to an ADI, the name or BSB number of the ADI
and the name of the person receiving the benefit of the
payment,
(e)
details clearly identifying the name of the
person on whose behalf the payment was made and the matter
reference,
(f)
particulars sufficient to identify the purpose
for which the payment was made,
(g)
the person or persons effecting, directing or
authorising the withdrawal.
(5)
The particulars are to be recorded in the order
in which the payments are recorded and are to be recorded separately for each
controlled money account.
(6)
In this clause:
associate means an associate of the
law practice.
authorised means authorised by the
law practice to effect, direct or give authority for a withdrawal of money
from the controlled money account.
cl 78: Am 2005 (602),
Sch 1 [18]–[21].
79Manner of withdrawal of
controlled money
(1)
This clause applies where:
(a)
controlled money is to be disbursed in accordance
with the written directions applying to the money (as referred to in section
256 of the Act), and
(b)
the directions do not specify the manner in which
the money is to be withdrawn from the controlled money account
concerned.
(2)
Controlled money may be withdrawn from a
controlled money account:
(a)
by cheque, in accordance with clause 65,
or
(b)
by electronic funds transfer, in accordance with
clause 66,
and not otherwise.
(3)
The following are specifically prohibited:
(a)
cash withdrawals,
(b)
ATM withdrawals or transfers,
(c)
telephone banking withdrawals or
transfers.
80Register of controlled
money
(1)
A law practice that receives controlled money
must maintain a register of controlled money consisting of the records of
controlled money movements for the controlled money accounts of the
practice.
(2)
A separate record of controlled money movements
must be maintained for each controlled money account.
(3)
A record of controlled money movements for a
controlled money account must record the following information:
(a)
the name of the person on whose behalf the
controlled money is held,
(b)
the person’s address,
(c)
particulars sufficient to identify the
matter,
(d)
any changes to the information referred to in
paragraphs (a)–(c).
(4)
The following particulars must be recorded in a
record of controlled money movements for a controlled money account:
(a)
the date the controlled money was
received,
(b)
the number of the receipt,
(c)
the date the money was deposited in the
controlled money account,
(d)
the name of and other details clearly identifying
the controlled money account,
(e)
the amount of controlled money
deposited,
(f)
details of the deposit sufficient to identify the
deposit,
(g)
interest received,
(h)
details of any payments from the controlled money
account, including the particulars required to be recorded under clause 78
(2).
(5)
With the exception of interest and other income
received in respect of controlled money, particulars of receipts and payments
must be entered in the register as soon as practicable after the controlled
money is received by the law practice or any payment is
made.
(6)
Interest and other income received in respect of
controlled money must be entered in the register as soon as practicable after
the law practice is notified of its receipt.
(7)
The law practice must retain as part of its trust
records all supporting information (including ADI statements and notifications
of interest received) relating to controlled money.
(8)
Within 15 working days after each named month,
the law practice must prepare and keep as a permanent record a statement as at
the end of the named month:
(a)
containing a list of the practice’s
controlled money accounts showing:
(i)
the name, number and balance of each account in
the register, and
(ii)
the name of the person on whose behalf the
controlled money in each account was held, and
(iii)
a short description of the matter to which each
account relates, and
(b)
showing the date the statement was
prepared.
cl 80: Am 2005 (602),
Sch 1 [22].