Australian Capital Territory Current Acts

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LEGAL PROFESSION ACT 2006 - SECT 226

Trust money subject to specific powers

    (1)     A law practice must ensure that trust money that is the subject of a power given to the practice or an associate of the practice is dealt with by the practice or associate only in accordance with the power relating to the money.

    (2)     The law practice must account for the money as prescribed 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).



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