All new trust bank accounts opened after 1 July 2007 (pursuant to subsection s33(2) of the LPR must:
- be kept with an approved ADI;
- be kept within this jurisdiction (Queensland);
- include within the name of the account the name of the law practice or business name under which the law practice engages in legal practice;
- include within the name the expression “law practice trust account” or “law practice trust a/c”.
Section 237 of the LPA definies “approved ADI” to be an ADI approved by the Queensland Law Society (QLS) under section 280 of the LPA.
A list of Approved ADIs can be accessed on the Queensland Law Society website on the trust account page.
No comments:
Post a Comment