Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) A law practice that receives trust money to which this Part applies must maintain a general trust account in this jurisdiction.
(2) A law practice that is required to maintain a general trust account in this jurisdiction must establish and maintain the account under the regulations.
(3) Subsection (1) does not apply to a law practice in respect of any period during which the practice receives or holds only either or both of the following:
(a) controlled money;
(b) transit money received in a form other than cash.
(4) If a law practice that is an Australian legal practitioner who is a sole practitioner, or an incorporated legal practice, contravenes subsection (1) or (2), the practitioner or practice is guilty of an offence.
Maximum penalty: 500 penalty units.
(5) If a law practice that is a law firm or multi-disciplinary partnership contravenes subsection (1) or (2), each principal of the practice is guilty of an offence.
Maximum penalty: 500 penalty units.
(6) An offence against subsection (4) or (5) is an offence of strict liability.
(7) Subject to any requirements of the regulations, a requirement of this section for a law practice to maintain, or establish and maintain, a general trust account in this jurisdiction does not prevent the practice from maintaining, or establishing and maintaining, more than one general trust account in this jurisdiction, whether during the same or different periods.
(8) Without limiting the other provisions of this section, the regulations may provide that a law practice must not close a general trust account except as permitted by the regulations, either generally or in any circumstances prescribed by the regulations.