Australian Capital Territory Numbered Regulations

LEGAL PROFESSION REGULATION 2007 (NO 27 OF 2007) - REG 79

    (1)     A law practice that holds trust money must give the licensing body at least 14 days written notice of its intention—

        (a)     to stop existing as a law practice; or

        (b)     to stop engaging in legal practice in the ACT; or

        (c)     to stop practising in a way that involves receiving trust money.

    (2)     Not later than 14 days after the day it stops holding trust money, a law practice that holds trust money must give the licensing body—

        (a)     written notice that it has stopped holding trust money; and

        (b)     if the practice has not given a notice under subsection (1) within the previous 28 days, a notice that complies with that subsection.

    (3)     A notice under this section must include particulars sufficient to identify—

        (a)     a law practice's general trust accounts and controlled money accounts; and

        (b)     trust money controlled by the practice (or by an associate) under a power; and

        (c)     trust money invested by the practice.

    (4)     In this section:

"law practice" includes a former law practice and the people who were principals of a law practice immediately before the law practice stopped existing as a law practice or engaging in legal practice in the ACT.