(1)  A law practice (other than an incorporated legal practice) must not receive trust money if a principal holds an Australian practising certificate which does not authorise the receipt of trust money.

Penalty:  Fine not exceeding 200 penalty units.

(2)  An incorporated legal practice must not receive trust money unless –

(a) at least one legal practitioner director of the practice holds an Australian practising certificate authorising the receipt of trust money; or

(b) a person is holding an appointment under section 120 (Incorporated legal practice without legal practitioner director) in relation to the practice and the person holds an Australian practising certificate authorising the receipt of trust money; or

(c) the money is received during any period during which the practice –

(i) does not have any legal practitioner directors; and

(ii) is not in default of director requirements under section 120  –

so long as there was, immediately before the start of that period, at least one legal practitioner director of the practice who held an Australian practising certificate authorising the receipt of trust money.

Penalty:  Fine not exceeding 200 penalty units.