(1)  This section applies if the Board determines to apply to the Supreme Court for the appointment of a receiver for a law practice.

(2)  The Supreme Court may, on the application of the Board, appoint a person as receiver for the law practice.

(3)  The Supreme Court may make the appointment whether or not the law practice or a principal of the practice concerned has been notified of the application and whether or not the practice or principal is a party to the proceedings.

(4)  The appointee must be –

(a) an Australian legal practitioner who holds an unrestricted practising certificate; or

(b) a person holding accounting qualifications with experience in law practices’ trust accounts –

and may (but need not) be an employee of the Board.

(5)  The instrument of appointment must –

(a) identify the law practice and the receiver; and

(b) indicate that the external intervention is by way of appointment of a receiver; and

(c) specify any conditions imposed by the Supreme Court when the appointment is made; and

(d) specify any fees payable by way of remuneration to the receiver specifically for carrying out his or her duties in relation to the external intervention; and

Note . Paragraph (d) is intended to exclude remuneration payable generally, eg. as an employee of the Board.

(e) provide for the legal costs and the expenses that may be incurred by the receiver in relation to the external intervention.

(6)  The instrument of appointment may –

(a) specify the term (if any) of the appointment; and

(b) specify any reporting requirements to be observed by the receiver.