Do I need the Societys permission to open a new Law Practice Trust Account?
No, you are required pursuant to s46 Legal Profession Regulation 2007 to notify the Society within 14 days that you have opened a new trust bank account. The notification should include the name of the ADI, Branch, account number and account name of the new trust account. All new trust bank accounts opened after 1 July 2007 (pursuant to s33(2) Legal Profession Regulation 2007) 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”. An ADI is defined (Schedule 2 Dictionary — Legal Profession Act 2007) as an authorised deposit-taking institution within the meaning of the Banking Act 1959(Cwlth). An Approved ADI is an ADI that has entered into an arrangement with the Chief Executive in respect to the payment of interest
