Australian Capital Territory Current Acts Australian Capital Territory Current Acts(1) A law practice must keep in permanent form trust records in relation to trust money received by the practice.
(2) The law practice must keep the trust records—
(a) in accordance with the regulations; and
(b) in a way that at all times discloses the true position in relation to trust money received for or on behalf of any person; and
(c) in a way that enables the trust records to be conveniently and properly investigated or externally examined; and
(d) for a period 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.