Australian Capital Territory Current Acts Australian Capital Territory Current Acts(1) A law practice must not withdraw controlled money from a controlled money account otherwise than by cheque or electronic funds transfer.
(2) Without limiting subsection (1), the following are prohibited:
(a) cash withdrawals;
(b) ATM withdrawals or transfers;
(c) telephone banking withdrawals or transfers.
(3) A regulation may make provision in relation to withdrawals by cheque or electronic funds transfer.
(4) If a law practice that is an Australian legal practitioner who is a sole practitioner, or an incorporated legal practice, contravenes subsection (1), the practitioner or practice commits an offence.
Maximum penalty: 50 penalty units.
(5) If a law practice that is a law firm, or a multidisciplinary partnership, contravenes subsection (1), each principal of the practice commits an offence.
Maximum penalty: 50 penalty units.
Note For this part, a reference to a law practice includes the principals of the law practice (see s 218 (Liability of principals of law practices under pt 3.1)).
(6) An offence against subsection (4) or (5) is a strict liability offence.
(7) This section has effect despite anything to the contrary in any direction given to the law practice, even if the direction is given by a person who is otherwise legally entitled to give the law practice directions in relation to dealings with the controlled money.