Victorian Numbered Regulations

LEGAL PROFESSION REGULATIONS 2005 (SR NO 152 OF 2005) - REG 3.3.31

r. 3.3.31

    (1)     This regulation has effect for the purposes of section 3.3.17 of the Act.

    (2)     If a law practice or an associate of the practice is given a power to deal with trust money (whether alone or jointly with another person), the practice must keep—

        (a)     a record of all dealings with the money to which the practice or associate is a party; and

        (b)     all supporting information in relation to the dealings—

in a manner that enables the dealings to be clearly understood.

    (3)     If an approved clerk is given a power to deal with trust money (whether alone or jointly with another person), the clerk must keep—

        (a)     a record of all dealings with the money to which the clerk is a party; and

        (b)     all supporting information in relation to the dealings—

in a manner that enables the dealings to be clearly understood.

    (4)     The record, supporting information and power must be kept by the law practice or approved clerk as part of the practice's or clerk's trust records.