Trust Accounts Amendment Regulation (No. 1) 1998 (Qld)

Queensland Subordinate Legislation 1998 No. 157 Legal Practitioners Act 1995 Trust Accounts Act 1973 TRUST ACCOUNTS AMENDMENT REGULATION (No. 1) 1998 TABLE OF PROVISIONS Section Page PART 1—PRELIMINARY 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 PART 2—AMENDMENT OF TRUST ACCOUNTS REGULATION 1973 2 Regulation amended in pt 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Amendment of s 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Insertion of new s 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 20 Declaration of supervising entity—Act, s 4E(2) . . . . . . . . . . . . . . . . 3 PART 3—AMENDMENT OF LEGAL PRACTITIONERS REGULATION 1996 5 Regulation amended in pt 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 6 Replacement of s 2 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2 Definition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 7 Amendment of s 3 (Solicitor with trust money to obtain and give certificate to society about compliance with the Act, section 51(2)) . . . . 3 8 Amendment of s 4 (Evidentiary provisions) . . . . . . . . . . . . . . . . . . . . . . . . . 4

s1 2 s3 Trust Accounts Amendment (No. 1) No. 157, 1998 PART 1—PRELIMINARY ˙ Short title 1. This regulation may be cited as the Trust Accounts Amendment Regulation (No. 1) 1998 . PART 2—AMENDMENT OF TRUST ACCOUNTS REGULATION 1973 ˙ Regulation amended in pt 2 2. This part amends the Trust Accounts Regulation 1973 . ˙ Amendment of s 11 3.(1) Section 11, as heading— insert— ‘ Auditor’s report ’. (2) Section 11, second sentence— number as section 11(2). (3) Section 11(2), as numbered, paragraphs (1) to (17)— renumber as section 11(2)(a) to (q). (4) Section 11(2)(n), as renumbered, ‘Under Secretary’— omit, insert— ‘chief executive’. (5) Section 11— insert— ‘ (3) For section 16(1)(b) of the Act, the prescribed information is the information mentioned in section 11(2).’.

s4 3 s7 Trust Accounts Amendment (No. 1) No. 157, 1998 ˙ Insertion of new s 20 4. After section 19— insert— ˙ ‘ Declaration of supervising entity—Act, s 4E(2) ‘ 20. The Queensland Law Society Incorporated is the supervising entity for a trustee who is a solicitor.’. PART 3—AMENDMENT OF LEGAL PRACTITIONERS REGULATION 1996 ˙ Regulation amended in pt 3 5. This part amends the Legal Practitioners Regulation 1996 . ˙ Replacement of s 2 (Definitions) 6. Section 2— omit, insert— ˙ ‘ Definition ‘ 2. In this regulation— “financial period” see the Trust Accounts Act 1973 , section 4(1).’. ˙ Amendment of s 3 (Solicitor with trust money to obtain and give certificate to society about compliance with the Act, section 51(2)) 7.(1) Section 3(1), from ‘section 16(2)’— omit, insert— ‘section 16(1)(b) to give to the supervising entity an auditor’s report for a financial period. 1 ’. 1 Section 16 (Audit of trust accounts)

s8 4 s8 Trust Accounts Amendment (No. 1) No. 157, 1998 (2) Section 3(3), ‘ prescribed day for the financial period.’— omit, insert— ‘time within which the solicitor must give to the supervising entity an auditor’s report under the Trust Accounts Act 1973 , section 16(1)(b) for the financial period. ‘ (4) The time mentioned in subsection (3) includes any extension of the time approved under the Trust Accounts Act 1973 , section 16(2).’. ˙ Amendment of s 4 (Evidentiary provisions) 8. Section 4(3), from ‘any’— omit, insert— ‘a financial period for a solicitor is evidence of the financial period for the solicitor.’. ENDNOTES 1. Made by the Governor in Council on 18 May 1998. 2. Notified in the gazette on 22 May 1998. 3. Laid before the Legislative Assembly on . . . 4. The administering agency is the Department of Justice. © State of Queensland 1998