Skip To Main Content

New Zealand Legislation: Regulations

Regulations are laws made under Acts

2008/183

Lawyers and Conveyancers Act (Trust Account) Regulations 2008

Rt Hon Dame Sian Elias, Administrator of the Government

Order in Council

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.

Contents

3 Interpretation

Part 1
Duties 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 2
Trust 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 3
Trust 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

Part 4
Audit 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 5
Inspectorates

24 Establishment of inspectorates

25 Functions of inspectorates

26 Powers of inspectorates

27 Delegation by inspector

28 Fees and costs of inspectorate

Part 6
Reviews 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 7
Investigations of affairs of practices

34 Duties of practices in relation to such examinations

35 Fees and costs of investigation

Part 8
Financial assurance schemes

36 Establishment of schemes

37 Implementation of schemes

38 Powers of inspectorates

Part 9
Miscellaneous provisions

39 Contributory mortgages

40 Information may be given on behalf of practice by partner or authorised employee or by director of incorporated firm

42 Revocation and savings

Schedule 1
Trust Account Supervisor Course

Schedule 2
Trust Account Supervisor Refresher Course

Explanatory note

Administrative information

Regulations