2008/183
Rt Hon Dame Sian Elias, Administrator of the Government
At Wellington this 30th day of June 2008
Present:Her Excellency the Administrator of the Government in Council
Pursuant to section 115 of the Lawyers and Conveyancers Act 2006, Her Excellency the Administrator of the Government, acting on the advice and with the consent of the Executive Council, makes the following regulations.
1 Title
2 Commencement
3 Interpretation
Part 1Duties relating to trust accounts of practices
Duties of practices in regard to trust accounts and clients’ money
4 Duties of practices to give notice under section 112(2) of Act
5 Trust bank accounts
6 Trust accounts not to be overdrawn
7 Restriction on certain transactions involving money of clients of practice
Restrictions on use of trust accounts of practices
8 Restriction on use of trust accounts for personal transactions
9 Restriction on debiting trust accounts with fees
10 Fees and disbursements paid in advance of invoice
Part 2Trust account records
11 Trust account records
12 Receipt and payment of trust money
13 Form and approval of trust receipts
14 Trust bank accounts
15 Cessation of practice
Part 3Trust account supervisors, reporting, and training
16 Trust account supervisor
17 Periodic reporting
18 Practice required to give notice in certain cases
19 Training in trust accounting
20 Exemptions
Part 4Audit of practitioners’ trust accounts
21 Restriction on stating trust accounts have been audited
22 Absolute disqualification as auditor
23 Persons closely related by blood or marriage may be disqualified as auditors
Part 5Inspectorates
24 Establishment of inspectorates
25 Functions of inspectorates
26 Powers of inspectorates
27 Delegation by inspector
28 Fees and costs of inspectorate
Part 6Reviews by inspectorates
29 Review of trust accounts by inspectorates
30 Practices to make certain records available to inspectorates
31 Bank and banker to supply inspectorates with certain information
32 Report of results of review
33 Disclosure of information relating to review
Part 7Investigations of affairs of practices
34 Duties of practices in relation to such examinations
35 Fees and costs of investigation
Part 8Financial assurance schemes
36 Establishment of schemes
37 Implementation of schemes
38 Powers of inspectorates
Part 9Miscellaneous provisions
39 Contributory mortgages
40 Information may be given on behalf of practice by partner or authorised employee or by director of incorporated firm
41 Offences
42 Revocation and savings
Schedule 1 Trust Account Supervisor Course
Schedule 2 Trust Account Supervisor Refresher Course
Explanatory note
Administrative information