Australian Capital Territory Numbered Regulations

LEGAL PROFESSION REGULATION 2006 (NO 37 OF 2006) - REG 24

    (1)     Money on deposit with the law society in a statutory interest account is repayable on demand to the law practice that deposited the money.

    (2)     However, a law practice must not make a demand for repayment of money under subsection (1) unless—

        (a)     the repayment of the money is required to enable necessary payments to be made out of the general trust account of the practice; and

        (b)     the law practice has reasonable grounds for believing that the payment is to be made within 7 days after the day when the demand is made.

    (3)     If, on the last day of a year—

        (a)     trust money of a law practice is on deposit with the law society; and

        (b)     the amount of the money exceeds ² / 3 of the total of the amount of the money and the notional amount standing on that day to the credit of the general trust account kept by the law practice;

the law practice is entitled to be repaid an amount equal to the amount of the excess.

    (4)     If, on the last day of a year—

        (a)     trust money of a law practice is on deposit with the law society; and

        (b)     the total of the amount of the money and the notional amount standing to the credit of the general trust account kept by the law practice on that day is less than $3 000;

the law practice is entitled to have repaid to the law practice the amount that the law practice has on deposit.