(1) If an ADI is given notice under section 482 of the appointment of a supervisor of trust money of a law practice, then, while the appointment is in force, the ADI must ensure that no funds are withdrawn or transferred from a trust account of the practice unless—
(a) the withdrawal or transfer is made by cheque or other instrument drawn on the account signed by the supervisor or a nominee of the supervisor; or
(b) the withdrawal or transfer is made by the supervisor or a nominee of the supervisor using electronic or internet banking facilities; or
(c) the withdrawal or transfer is made in accordance with an authority to withdraw or transfer funds from the account signed by the supervisor or a nominee of the supervisor.
(2) A person commits an offence if—
(a) the person is given notice under section 482 of the appointment of a supervisor of trust money of a law practice; and
(b) while the appointment is in force, the person does any of the following:
(i) deals with any of the practice's trust money;
(ii) signs a cheque or other instrument drawn on a trust account of the practice;
(iii) authorises the withdrawal or transfer of funds from a trust account of the practice.
Maximum penalty: 50 penalty units.
(3) Subsection (2) does not apply to an ADI or the supervisor of trust money of the law practice.
(4) An offence against this section is a strict liability offence.
(5) The supervisor of trust money of a law practice may, for subsection (1) (b), enter into arrangements with an ADI for withdrawing funds from a trust account of the practice using electronic or internet banking facilities.
(6) If an amount is withdrawn or transferred in contravention of subsection (1) from a trust account of a law practice kept with an ADI, the supervisor for the practice may recover the amount from the ADI as a debt in a court of competent jurisdiction.
(7) The supervisor for the law practice must pay any amount recovered from the ADI under subsection (6) into the trust account of the practice.