Australian Capital Territory Current Acts Australian Capital Territory Current Acts(1) A law practice that has received transit money must pay or deliver the money as required by the instructions relating to the money—
(a) within the period (if any) stated in the instructions; or
(b) subject to paragraph (a), as soon as practicable after it is received.
(2) The law practice must account for the money as required by regulation.
(3) If a law practice that is an Australian legal practitioner who is a sole practitioner, or an incorporated legal practice, contravenes subsection (1) or (2), the practitioner or practice commits an offence.
Maximum penalty: 50 penalty units.
(4) If a law practice that is a law firm, or a multidisciplinary partnership, contravenes subsection (1) or (2), 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)).
(5) An offence against subsection (3) or (4) is a strict liability offence.
(6) This section is subject to section 226A (Trust money received in form of cash).