(1)  The following actions, if taken by a legal practitioner associate of a law practice on behalf of the practice in relation to trust money received by the practice, discharge the corresponding obligations of the practice in relation to the money:

(a) the establishment of a trust account;

(b) the maintenance of a trust account;

(c) the payment of trust money into and out of a trust account and other dealings with trust money;

(d) the maintenance of trust records;

(e) engaging an external examiner to examine trust records;

(f) the payment of an amount into an ADI account as referred to in section 352 (Deposit of trust money into designated trust deposit account);

(g) an action of a kind prescribed by the regulations.

(2)  If the legal practitioner associate maintains a trust account in relation to trust money received by the law practice, the provisions of this Part and the regulations made for the purposes of this Part apply to the associate in the same way as they apply to a law practice.

(3)  Subsection (1) does not apply to the extent that the associate is prevented by the regulations from taking any action referred to in that subsection.