(1)  Subject to section 249 , a law practice must ensure that trust money that is the subject of a power given to the practice or an associate of the practice is dealt with by the practice or associate only in accordance with the power relating to the money.

Penalty:  Fine not exceeding 50 penalty units.

(2)  The law practice must account for the money in the way prescribed by the regulations.

Penalty:  Fine not exceeding 50 penalty units.