Australian Capital Territory Numbered Regulations Australian Capital Territory Numbered Regulations(1) If the law society is during a year satisfied, on an application made to it by a law practice that is under an obligation to deposit, or has on deposit, with the law society money under this part, that, having regard to the amount of trust moneys standing, on the day the application is made, to the credit of the general trust account of the practice, it is appropriate that the notional amount standing to the credit of the general trust account of the law practice on the last day of the previous year should be reduced, the law society may decide that that notional amount be reduced to an amount stated in the decision.
(2) If the law society makes a decision mentioned in subsection (1) in relation to a law practice—
(a) this part, in its application to the law practice, applies, during the remainder of the year in which the decision is made, as if the amount stated in the decision had been the notional amount standing to the credit of the general trust account of the law practice on the last day of the previous year; and
(b) if, on the day when the decision is made, the law practice has on deposit with the law society moneys exceeding the amount that the practice would have been required to have on deposit with the law society if the amount stated in the decision had been the notional amount standing to the credit of the general trust account of the practice on the last day of the previous year—the practice is entitled to be repaid an amount equal to the amount of the excess.