(1) The Law Society Council may approve ADIs at which trust accounts to hold trust money may be maintained.(2) The Law Society Council may impose conditions, of the kinds prescribed by the regulations, on an approval under this section, when the approval is given or during the currency of the approval, and may amend or revoke any conditions imposed.(3) The Law Society Council may revoke an approval given under this section.
(1) 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 (whether by way of set-off counterclaim, charge or otherwise) against money in the account.(2) Subsection (1) does not relieve an ADI from any liability to which it is subject apart from this Act.
(1) An ADI at which a trust account is maintained must report any deficiency in the account to the Law Society as soon as practicable after becoming aware of the deficiency.
Maximum penalty: 50 penalty units.(2) An ADI at which a trust account is maintained must report a suspected offence in relation to the trust account to the Law Society as soon as practicable after forming the suspicion.
Maximum penalty: 50 penalty units.(3) An ADI must furnish to the Law Society reports about trust accounts in accordance with the regulations.
Maximum penalty: 50 penalty units.(4) An ADI at which a trust account is maintained must without charge:(a) produce for inspection or copying by an investigator or external examiner any records relating to the trust account or trust money deposited in the trust account, and(b) provide the investigator or external examiner with full details of any transactions relating to the trust account or trust money,on demand by the investigator or external examiner and on production to the ADI of evidence of the appointment of the investigator or the external examiner in relation to the law practice concerned.
Maximum penalty: 50 penalty units.(5) Subsections (1)–(4) apply despite any legislation or duty of confidence to the contrary.(6) 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:(a) reporting a deficiency in accordance with subsection (1), or(b) making or furnishing a report in accordance with subsection (2) or (3), or(c) producing records or providing details in accordance with subsection (4).