Victorian Current Acts Victorian Current Acts(1) The Victorian Legal Services Board may make an arrangement with an ADI for the keeping of trust accounts.
(2) An arrangement may provide for any one or more of the following—
(a) the payment of interest to the Victorian Legal Services Board on the whole or any part of deposits in the trusts accounts;
(b) the manner in which the Victorian Legal Services Board is informed of amounts held in the trust accounts;
(c) the auditing of balances in the trust accounts;
(d) any other relevant matter.
(3) An arrangement may provide for the ADI to keep only trust accounts of a particular class.
Example
An arrangement may provide for an ADI to keep only controlled money accounts.
(4) Interest received by the Victorian Legal Services Board under an arrangement must be paid into the Public Purpose Fund.
(5) A law practice or an approved clerk must comply with an arrangement under this section.
Division 3—Approved clerks
S. 87A inserted by No. 38/2017 s. 54.