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LEGAL PROFESSION UNIFORM LAW (NSW) - SECT 139
Controlled money
139 Controlled money
(1) As soon as practicable after receiving controlled money, a law practice
must deposit the money in the account specified in the written direction
relating to the money. Civil penalty: 50 penalty units.
(2) The law practice
must hold controlled money deposited in a controlled money account in
accordance with subsection (1) exclusively for the person on whose behalf it
was received. Civil penalty: 50 penalty units.
(3) Subject to a court order
or as authorised by law, the law practice that holds money deposited in a
controlled money account must not disburse the money except in accordance
with-- (a) the written direction relating to the money; or
(b) a later
written direction given by or on behalf of the person on whose behalf the
money was received.
Civil penalty: 50 penalty units.
(4) The law practice
must maintain the controlled money account, and account for the controlled
money, as required by the Uniform Rules. Civil penalty: 50 penalty units.
(5)
The law practice must keep a written direction mentioned in this section for 7
years. Civil penalty: 50 penalty units.
(6) The law practice must ensure that
the controlled money account is used for the deposit of controlled money
received on behalf of the person referred to in subsection (2), and not for
the deposit of controlled money received on behalf of any other person, except
to the extent that the Uniform Rules otherwise permit. Civil penalty: 50
penalty units.
(7) The Uniform Rules may make provision with respect to the
receipt of controlled money, the establishment and maintenance of controlled
money accounts, the withdrawal of controlled money, and the keeping of
registers of controlled money.
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