Who can be authorised to withdraw funds from the trust account by trust account cheque and/or electronic funds transfer?
Interpretation of s37(3) and s38(2) of the Legal Profession Regulation 2007 is as follows: • An authorised principal of the law practice may solely sign trust account cheques drawn on the law practice general trust account. • If the principal mentioned in 1 is not available: • An authorised Australian legal practitioner (employed solicitor), irrespective of whether the employed solicitor holds an Unrestricted Practising Certificate or a Restricted Practising Certificate, can be authorised solely as a signatory to the law practice general trust account. • An authorised Australian legal practitioner holding an Unrestricted Practising Certificate can be authorised solely as a signatory to the law practice general trust account irrespective of whether he/she is employed by the law practice. • Any two (2) or more authorised associates (including non-solicitors) can be authorised jointly to sign trust account cheques drawn on the law practice general trust account • The holder of a Restricte
