(1)  Nothing in this Division applies to –

(a) a controlled money account kept by a law practice on the instructions of a single client for the exclusive use of that client; or

(b) if the prescribed authority so approves, a controlled money account kept by a law practice on the instructions of 2 or more clients for the exclusive use of those clients.

(2)  The prescribed authority may give approval for the purposes of subsection (1)(b) only if satisfied that the clients are joint owners of the account.