New Zealand Legislation: Regulations
Regulations are laws made under Acts
(1) Every trust account supervisor must certify to the relevant society, by the tenth working day of each month (or in January, the 15th working day),—
(a) whether, as at the end of the preceding month,—
(i) the trust ledger was correctly reconciled with the corresponding trust bank accounts for both the general trust account and interest-bearing deposit accounts; and
(ii) the trust account records were a complete and accurate record of transactions during the month and of each client’s position; and
(b) whether he or she is satisfied that during the month concerned—
(i) trust account transactions during the month have been in accordance with client instructions and, where completed, properly accounted for to clients; and
(ii) the practice has complied with—
(A) these regulations, any practice rules made under section 94(k) of the Act, and, if not, the reasons why not; and
(B) if the practitioners in the practice in respect of which the trust account supervisor has been appointed are lawyers, any practice rules relating to lawyers nominee companies and, if not, the reasons why not.
(2) Every trust account supervisor (other than a trust account supervisor of a practice comprising conveyancing practitioners) must certify to the New Zealand Law Society in writing, by the tenth working day after the end of each of the quarters of March, June, and September and the 15th working day after the end of the December quarter in each year, the following information in respect of the quarter concerned:
(a) whether the collection of interest on any loans or other debt securities was undertaken on behalf of lenders by the practice during the quarter:
(b) the number and total dollar amount of those loans or securities, and of each group of loans or securities specified by the relevant society from time to time:
(c) whether any of the borrowers are in default for more than 30 days in payment of any principal, interest, or other moneys payable under any of those loans or securities and, if so, the total amount of—
(i) interest in default; and
(ii) principal in default; and
(iii) other moneys in default.
(3) For the purposes of this regulation,—
(a) a certificate is valid if submitted on the Internet in the manner prescribed by the relevant society for the purpose; and
(b) where a certificate is submitted on the Internet, it is deemed to have been submitted in writing and signed by the trust account supervisor if a password provided for this purpose to the trust account supervisor has been used; and
(c) the trust account supervisor is responsible for maintaining the security of the password.