Australian Capital Territory Numbered Acts

LEGAL PROFESSION AMENDMENT ACT 2007 (NO. 28 OF 2007) - SECT 120

Section 253 (1) and (2)

substitute

253     Statutory deposits

    (1)     A regulation may require the following:

        (a)     a law practice to pay amounts out of a general trust account of the practice into an ADI account kept by the law society (a  statutory deposit account );

        (b)     the law society to pay interest on money in a statutory deposit account into another ADI account kept by the law society (a  statutory interest account ).

    (2)     A regulation may make provision in relation to the following:

        (a)     the type of account to be kept by the law society;

        (b)     payments to be made to the account;

        (c)     the use of money in the account;

        (d)     for a statutory interest account—the person entitled to interest on the money in the account.