New Zealand Legislation: Regulations
Regulations are laws made under Acts
(1) In these regulations, unless the context otherwise requires,—
Act means the Lawyers and Conveyancers Act 2006
chartered accountant has the same meaning as in section 2 of the Institute of Chartered Accountants of New Zealand Act 1996
client, in relation to a practice, includes any person on whose behalf money is, or securities are, held by the practice
client assets means any assets, including money, of a client of a practice that are under the management, whether temporary or permanent, of the practice
contributory security means a security (including a mortgage of land, charge, or other security interest) granted in favour of more than 1 person, each of whom is named, and whose share is specified in the security (and for the purposes of this definition, persons acting jointly must be treated as 1 person)
inspector means a person who is appointed to the inspectorate under regulation 24
inspectorate means 1 of the inspectorates established under these regulations and—
(a) includes an inspector; and
(b) includes a person to whom a function, duty, right, or power has been delegated under regulation 27
lawyers nominee company means a nominee company referred to in section 96(a) of the Act
officer, in relation to the New Zealand Law Society, includes the executive director
partner means a practitioner who is or is held out to be a partner of another practitioner providing regulated services and partnership has a corresponding meaning
practice means and includes a sole practitioner, a partnership, and an incorporated firm
review, in relation to the trust accounts of a practice, has the meaning set out in subclause (2)
society means—
(a) the New Zealand Law Society; and
(b) the New Zealand Society of Conveyancers
trust account records, in relation to a practitioner, means—
(a) all records (including all books, papers, files, accounts, statements, invoices or copies of invoices, documents, receipts and evidence of authority for payments, cheques, securities, and trust receipt forms used and unused) relating to the practitioner's trust accounts or to trust money received by the practitioner, whether kept in writing or on computer or machine or in any other manner; and
(b) if any of those records are kept on computer, includes the relevant computer equipment and software
trust account supervisor has the meaning set out in regulation 16
trust bank account, in relation to a practice, means any account at a bank in New Zealand—
(a) in the name of the practice; and
(b) that is designated as a trust account or into which trust money is deposited
trust money means all money that is, when received by a practice, subject to the provisions of section 110 of the Act
voting shareholder, in relation to an incorporated firm, means the shareholders referred to in paragraph (c)(i) of the definitions of incorporated conveyancing firm and incorporated law firm in section 6 of the Act.
(2) In these regulations, a reference to a review of the trust accounts of a practice—
(a) is a reference to a review of the controls and procedures established and implemented by the practice for the purpose of ensuring that the provisions of the Act relating to trust accounts, these regulations, and any applicable rules are complied with; and
(b) includes the review of any of the practice’s trust account records, and the records and information referred to in regulation 11, for the purpose of reviewing those controls and procedures.