(1)  A law practice must –

(a) hold trust money deposited in a general trust account of the practice exclusively for the person on whose behalf it is received; and

(b) disburse the trust money only in accordance with a direction given by the person.

Penalty:  Fine not exceeding 50 penalty units.

(2)  Subsection (1) applies subject to an order of a court of competent jurisdiction or as authorised by law.

(3)  The law practice must account for the trust money as required by the regulations.

Penalty:  Fine not exceeding 50 penalty units.