Australian Capital Territory Current Acts

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LEGAL PROFESSION ACT 2006 - SECT 258

Disclosure of accounts used to hold money entrusted to legal practitioners

    (1)     If a law practice or any legal practitioner associate of the law practice holds money entrusted to the law practice or legal practitioner associate, the law practice must give the law society council the details required by regulation for each account of the law practice kept at an ADI in which the money is held.

Maximum penalty: 50 penalty units.

    (2)     This section applies whether or not the money is trust money and whether or not section 212 (Money involved in financial services or investments) applies or a determination under section 213 (Determinations about status of money) has been made in relation to the money.

    (3)     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.

    (4)     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.

    (5)     An offence against subsection (3) or (4) is a strict liability offence.



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