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LEGAL PROFESSION UNIFORM LAW (NSW) - SECT 149
Authorised deposit-taking institutions
149 Authorised deposit-taking institutions
(1) An ADI is authorised to maintain trust accounts to hold trust money if--
(a) it is regulated by APRA; and
(b) it has entered into an arrangement with
a nominated trust authority that provides for any one or more of the
following-- (i) the payment of interest on the whole or any part of deposits
in trust accounts to the nominated trust authority on account of the
nominated fund of the relevant jurisdiction;
(ii) the manner in which the
nominated trust authority is informed of amounts held in trust accounts;
(iii) the auditing of balances in trust accounts;
(iv) any other relevant
matters.
(2) An ADI at which a trust account is maintained by a law
practice-- (a) is not under any obligation to control or supervise
transactions in relation to the account or to see to the application of money
disbursed from the account; and
(b) does not have, in relation to any
liability of the law practice to the ADI, any recourse or right against money
in the account--
but this subsection does not relieve an ADI from any
liability to which it is subject apart from this Law.
(3) An ADI must give
the designated local regulatory authority any reports about trust accounts
required under the Uniform Rules and must do so in accordance with the Uniform
Rules. Civil penalty: 100 penalty units.
(4) An ADI at which a trust account
is maintained must, without charge, provide an investigator or external
examiner access to, or copies of, any records relating to the trust account or
trust money deposited in it, and full details of any transactions relating to
it. This requirement applies despite any legislation or duty of confidence to
the contrary. Civil penalty: 100 penalty units.
(5) An ADI or an officer or
employee of an ADI is not liable to any action for any loss or damage suffered
by another person as a result of any action taken in accordance with this
section.
(6) In this section--
"nominated fund" means a fund or account nominated in applicable
jurisdictional legislation for the purposes of this section;
"nominated trust authority" means an authority nominated in applicable
jurisdictional legislation for the purposes of this section.
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