(1) A law practice must make out a receipt as soon as practicable:
(a) after trust money is received, or (b) in the case of trust money received by direct deposit, after the law practice receives or accesses notice or confirmation of the deposit from the ADI concerned. (2) The receipt must contain the following particulars:
(a) the date the receipt is made out and, if different, the date of receipt of the money, (b) the number of the receipt, (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 reason for which the money was received, (h) 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”, (i) the name of the person who made out the receipt.
(1) A law practice must give a trust account statement to each person for whom or on whose behalf trust money (other than transit money and written direction money) is held or controlled by the law practice or an associate of the practice. (2) Where relevant, the law practice must give the person a separate statement for:
(a) each trust ledger account, and (b) each record of controlled money movements, and (c) each record of dealings with the money that is the subject of a power to which the law practice or an associate of the law practice is a party.
(1) This rule designates the classes of persons who may be appointed as external examiners under Part 4.2 of the Uniform Law.
(1) The designated local regulatory authority may disqualify a person specified in rule 65 (2) (a)–(e) as a person who may be appointed as an external examiner under Part 4.2 of the Uniform Law. (2) Without limiting the grounds on which the designated local regulatory authority may disqualify a person under this rule, the authority may disqualify the person on any of the following grounds:
(a) that the person has failed to adequately and properly perform the duties of an external examiner, (b) that, having regard to the circumstances, the person is not a competent or suitable person to discharge the duties of an external examiner. (3) It is sufficient to meet the ground specified in subrule (2) (a) if the person, in the capacity of an external examiner:
(a) fails to report to the designated local regulatory authority a pattern or suspected pattern of non-compliance with section 147 (2) of the Uniform Law, repeated or suspected repeated non-compliance by a law practice with obligations under section 147 (3) and (4) of the Uniform Law or any other matter required to be reported under section 154 of the Uniform Law, or (b) fails to report to the designated local regulatory authority a breach of section 148 of the Uniform Law. (4) It is sufficient to meet the ground specified in subrule (2) (b) if the person:
(a) does not have full mental or legal capacity, or (b) has been found guilty of, or is being proceeded against, for an offence, or (c) has been the subject of an adverse finding relating to the person’s professional conduct or is subject to disciplinary or other civil proceedings relating to the person’s professional conduct, or (d) has ceased to be qualified for appointment as an external examiner. (5) Nothing in subrule (3) or (4) limits the operation of subrule (2).
(1) For the purposes of section 155 (1) of the Uniform Law, a law practice must, in writing, appoint a suitably qualified person (who is within a class designated under rule 65) as an external examiner.
(1) This rule applies where a law practice has contravened the disclosure obligations of Part 4.3 of the Uniform Law in relation to a particular matter.
(1) This rule specifies, for the purposes of section 258 of the Uniform Law, who is to be a related entity in relation to a law practice to which this rule applies.Note— In section 6 (1) of the Uniform Law, paragraph (b) of the definition of related entity provides that these Rules may specify who is to be a related entity in relation to certain persons.
(1) For the purposes of section 471 of the Uniform Law, an indexed amount is to be indexed each financial year in accordance with the following formula: Note— 106.8 is the CPI number for the March quarter of 2015. (2) An indexed amount is to be rounded to the nearest $5.