(1)  Subject to section 249 , a law practice that has received transit money must pay or deliver the money as required by the instructions relating to the money –

(a) within the period (if any) specified in the instructions; or

(b) subject to paragraph (a) , as soon as practicable after it is received.

Penalty:  Fine not exceeding 50 penalty units.

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

Penalty:  Fine not exceeding 50 penalty units.