Australian Capital Territory Numbered Regulations

LEGAL PROFESSION REGULATION 2007 (NO 27 OF 2007) - REG 71

    (1)     If the notional amount standing to the credit of the general trust account kept by a law practice on the day immediately before a date fixed by the Attorney-General under subsection (5) is not less than $3 000, the law practice must deposit, within 1 month after that day, with the law society an amount that is equal to ² / 3 of that notional amount.

    (2)     If, on the last day of a trust accounting year—

        (a)     the notional amount standing to the credit of the general trust account kept by a law practice is not less than $3 000; and

        (b)     no trust money of the law practice is on deposit with the law society;

the law practice must deposit, within 3 months after that day, with the law society an amount equal to ² / 3 of the notional amount referred to in paragraph (a).

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

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

        (b)     the amount of the money is less than 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 must deposit, within 3 months after that day, with the law society the amount that will bring the amount of the money on deposit with the law society to an amount equal to ² / 3 of the total mentioned in paragraph (b).

    (4)     Subsections (2) and (3) do not apply in relation to a trust accounting year that ends before the day fixed for subsection (1).

    (5)     The Attorney-General may fix a day for subsection (1).

    (6)     The fixing of a day under subsection (5) is a notifiable instrument.

Note     A notifiable instrument must be notified under the Legislation Act.