New Zealand Legislation: Regulations

8 Restriction on use of trust accounts for personal transactions

• (1) The trust accounts of a practice must not be used for the private or household transactions of—

  • (a) the sole practitioner, partners, or voting shareholders; or

  • (b) any employee of the practice; or

  • (c) any spouse or civil union partner of the sole practitioner, partners, voting shareholders, or employees.

  (2) Despite subclause (1), the trust accounts of a practice may be used for the property or investment transactions of any person referred to in that subclause if they are—

  • (a) kept in a separate ledger account in the name of the person concerned; and

  • (b) dealt with in all respects as if the person was a client.