Lawyers and Conveyancers Act 2006

116 Provisions relating to regulations relating to trust accounts

(1)

In section 115, client, in relation to a practitioner or incorporated firm, includes any person on whose behalf money is, or securities are, held by the practitioner or incorporated firm.

(2)

In section 115, class of person connected with a practitioner or incorporated firm includes,—

(a)

in relation to a practitioner,—

(i)

a spouse or partner or child of the practitioner; and

(ii)

any nominee of the practitioner; and

(iii)

any company registered under the Companies Act 1993 of which the principal financial interest or effective control is directly or indirectly vested in the practitioner or any spouse or partner or child or children or nominee of the practitioner; and

(iv)

any other incorporated or unincorporated body of which the principal financial benefit or effective control is directly or indirectly vested in the practitioner or any spouse or partner or child or children or nominee of the practitioner; and

(b)

in relation to an incorporated firm,—

(i)

a spouse or partner or child of a person who is a director or shareholder of the firm; and

(ii)

any nominee of the firm or of a person who is a director or shareholder of the firm; and

(iii)

any company registered under the Companies Act 1993 of which the principal financial interest or effective control is directly or indirectly vested in the firm or any spouse or partner or child or children or nominee of a person who is a director or shareholder of the firm; and

(iv)

any other incorporated or unincorporated body of which the principal financial benefit or effective control is directly or indirectly vested in the firm or any spouse or partner or child or children or nominee of a person who is a director or shareholder of the firm.

(3)

In subsection (2), partner, in relation to a person, means a civil union partner or de facto partner of that person.

(4)

Regulations made under section 115(g) may, without limitation,—

(a)

provide that the training must be undertaken at specified times or frequencies, or in specified circumstances:

(b)

require that a particular course or courses be undertaken, or (in addition, or as an alternative) require that the training comply with specified requirements or be provided by a particular agency or agencies:

(c)

provide that satisfactory results from assessment or examination be required as part of training:

(d)

exempt, or provide for the exemption of, any lawyer or class of lawyer or any conveyancing practitioner or class of conveyancing practitioner or any other person or class of person from all or any regulations made under section 115(g):

(e)

provide that fees may be charged to any person applying for or undertaking the training required by regulations made under section 115(g).

(5)

Regulations made under section 115 do not limit or derogate from the disciplinary powers of a Standards Committee or the Disciplinary Tribunal under this Act or of the Appeals Council under the New Zealand Institute of Chartered Accountants Act 1996.

(6)

Without prejudice to subsection (5), wilful failure to comply with any regulations made under section 115 is, if the High Court thinks fit, ground for the exercise of the High Court’s summary jurisdiction under this Act.

Compare: 1982 No 123 ss 17(2)(ea), 91(2)–(5)

Section 116(5): amended, on 7 July 2010, by section 10 of the New Zealand Institute of Chartered Accountants Amendment Act 2010 (2010 No 74).