New Zealand Legislation: Regulations
Regulations are laws made under Acts
Reprint as at 7 July 2010
(SR 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
Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this reprint.
A general outline of these changes is set out in the notes at the end of this reprint, together with other explanatory material about this reprint.
These regulations are administered by the Ministry of Justice.
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.
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
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
12 Receipt and payment of trust money
13 Form and approval of trust receipts
Part 3
Trust account supervisors, reporting, and training
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
24 Establishment of inspectorates
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
Part 9
Miscellaneous provisions
40 Information may be given on behalf of practice by partner or authorised employee or by director of incorporated firm
Schedule 1
Trust Account Supervisor Course
