Australian Capital Territory Numbered Regulations Australian Capital Territory Numbered Regulations(1) In this part, a reference to the notional amount standing to the credit of the general trust account of a law practice on the day immediately before the date fixed for section 23 (1) (Law practice to deposit part of trust money with law society) is a reference to the lowest amount that stood to the credit of the account at any time during the period of 6 months immediately before that date.
(2) In this part, a reference to the notional amount standing to the credit of the general trust account of a law practice on the last day of a year is a reference to the lowest amount that stood to the credit of the account at any time during that year.
(3) For the period beginning on the date fixed for section 23 (1) and ending on the next 31 March, this part applies as if that period were a year.
(4) If a law practice keeps more than 1 general trust account in accordance with this part, a reference in this part to the general trust account kept by the law practice is a reference to each general trust account kept by the law practice.
(5) If a law practice has—
(a) in the period of 6 months immediately before the date fixed for section 23 (1); or
(b) in any year;
kept 2 or more general trust accounts, the law practice is taken, for this part, to have kept, during the period for which the practice kept the general trust accounts, only 1 general trust account and the amount that stood, on any day during that period, to the credit of the general trust account that the practice is to be taken to have kept is taken, for this part, to be the total of the amounts that stood to the credit of the bank accounts that were in fact kept by the law practice on that day.
(6) For this part, the amount standing to the credit of a general trust account on a day is the amount shown by the bank statement in relation to the account as standing to the credit of the account on that day.
(7) For this part, the amount of any trust money paid into the general trust account kept by a law practice and subsequently paid by the practice into a special trust bank account in accordance with the instructions of the client from, or on whose behalf, the moneys were received must not be taken into account in working out the lowest amount that stood to the credit of that general trust account at any time.