(1) The regulations may make provision for or with respect to any matter to which this Part relates, including for or with respect to (a) the establishment, maintenance and closure of general trust accounts and controlled money accounts; and(b) the manner of receiving, depositing, withdrawing, making records about and otherwise dealing with and accounting for trust money; and(c) without limiting paragraph (a) or (b) (i) the keeping and reconciliation of trust records; and(ii) the establishment and keeping of trust ledger accounts; and(iii) the establishment and keeping of records about controlled money and transit money; and(iv) the establishment and keeping of registers of powers and estates where trust money is involved; and(v) the recording of information about the investment of trust money; and(vi) the furnishing of statements regarding trust money; and(d) the notification to the prescribed authority and the Board of information relating directly or indirectly to matters to which this Part relates, including information about (i) trust accounts, trust money and trust records; and(ii) the proposed or actual termination of a law practice that holds trust money; and(iii) the proposed or actual termination of engaging in legal practice in this jurisdiction by a law practice that holds trust money; and(iv) the proposed or actual restructuring of the business of a law practice so that it no longer holds or no longer will hold trust money; and(e) the creation and exercise of liens over trust money; and(f) providing exemptions, or providing for the giving of exemptions, from all or any specified requirements of this Part.(2) The regulations may provide for any of the following:(a) penalties for offences against the regulations not exceeding 25 penalty units for a natural person and 50 penalty units for a body corporate;(b) the payment of a prescribed amount instead of a penalty that may otherwise be imposed for an offence against this Part or the regulations;(c) the service of an infringement notice, in respect of payment of a prescribed amount, on a person alleged to have committed an offence referred to in paragraph (b) and the particulars to be included in the notice.
PART 3.3 - Costs Disclosure and Assessment
Division 1 - Preliminary