(1)  A law practice that receives trust money to which this Part applies must maintain a general trust account in this jurisdiction.

Penalty:  Fine not exceeding 100 penalty units.

(2)  A law practice that is required to maintain a general trust account in this jurisdiction must establish and maintain the account in accordance with the regulations.

Penalty:  Fine not exceeding 100 penalty units.

(3)  Subsection (1) does not apply to a law practice in respect of any period during which the practice receives or holds only either or both of the following:

(a) controlled money;

(b) transit money received in a form other than cash.

(4)  Subject to any requirements of the regulations, a requirement of this section for a law practice to maintain, or establish and maintain, a general trust account in this jurisdiction does not prevent the practice from maintaining, or establishing and maintaining, more than one general trust account in this jurisdiction, whether during the same period or during different periods.

(5)  Without limiting the other provisions of this section, the regulations may provide that a law practice must not close a general trust account except as permitted by the regulations, either generally or in any prescribed circumstances.