Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) A law practice (other than an incorporated legal practice) must not receive trust money unless a principal holds an Australian practising certificate authorising the receipt of trust money.
(2) If a law practice that is an Australian legal practitioner who is a sole practitioner contravenes subsection (1), the practitioner is guilty of an offence.
Maximum penalty: 500 penalty units.
(3) If a law practice that is a law firm or multi-disciplinary partnership contravenes subsection (1), each principal of the practice is guilty of an offence.
Maximum penalty: 500 penalty units.
(4) An incorporated legal practice must not receive trust money unless:
(a) at least one legal practitioner director of the practice holds an Australian practising certificate authorising the receipt of trust money; or
(b) a person is holding an appointment under section 127 in relation to the practice and the person holds an Australian practising certificate authorising the receipt of trust money; or
(c) the money is received during any period during which the practice:
(i) does not have any legal practitioner directors; and
(ii) is not in default of director requirements under section 127;
so long as there was, immediately before the start of that period, at least one legal practitioner director of the practice who held an Australian practising certificate authorising the receipt of trust money.
Maximum penalty: 500 penalty units.
(5) An offence against subsection (2), (3) or (4) is an offence of strict liability.