Australian Capital Territory Numbered Regulations

LEGAL PROFESSION REGULATION 2007 (NO 27 OF 2007) - REG 37

    (1)     A law practice may at any time establish a general trust account that satisfies the requirements of this section.

    (2)     However, a law practice must, as soon as practicable after receiving trust money that is required to be paid into a general trust account, establish a general trust account that satisfies the requirements if the practice does not already have a general trust account that satisfies the requirements.

    (3)     A general trust account satisfies the requirements of this section if—

        (a)     the account is established in the ACT, before or after the commencement of this section, with an approved ADI; and

        (b)     the account is and must be kept in the ACT; and

        (c)     the name of the account includes—

              (i)     the name of the law practice or the business name under which the law practice engages in legal practice; and

              (ii)     the expression “law practice trust account” or “law practice trust a/c”; and

        (d)     the account is of a kind that is for the time being approved by the licensing body.

    (4)     Subsection (3) (c) does not apply to an account established in the ACT before the commencement of this section.

    (5)     Subsection (3) (c) (ii) does not require the repetition of the words “law practice” if those words form part of the name or business name of the law practice.