Plain language law

New Zealand law explained for everyone

Lawyers and Conveyancers Act 2006

Lawyers and Conveyancers Special Fund

299: Nominated trust accounts

You could also call this:

"Lawyers must have a special trust account, called a nominated trust account, for certain purposes."

Illustration for Lawyers and Conveyancers Act 2006

You need to have trust accounts if you are a lawyer or a firm of lawyers. These trust accounts must include at least one account that is nominated for a special purpose. This nominated account is called a nominated trust account. You must choose one or more of your trust accounts to be a nominated trust account. You have to tell the bank where the account is kept about your choice. All the rules about trust accounts also apply to nominated trust accounts. The same rules that apply to trust accounts also apply to nominated trust accounts, including audits. You can find more information by looking at the Lawyers and Conveyancers Act 2006 and other related laws. This is similar to a law from 1982, which you can find on the New Zealand legislation website.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM367362.

This page was last updated on — View changes

Topics:
Money and consumer rights > Banking and loansWork and jobs > Job licenses
Previous

298: Distribution of Special Fund, or

"What happens to the money in the Special Fund"

Next

300: Money required to be held in nominated trust account, or

"Money held in trust for someone else"

Part 9Lawyers and Conveyancers Special Fund

299Nominated trust accounts

  1. Where a practitioner or incorporated firm is required by this Act to have trust accounts, those trust accounts must include at least 1 account nominated for the purposes of this Part.

  2. A trust account nominated for the purposes of this Part is known as a nominated trust account.

  3. A practitioner to whom, and an incorporated firm to which, subsection (1) applies must nominate 1 or more of the practitioner's or incorporated firm's trust accounts as a nominated trust account and must give notice of each such nomination to the bank at which the account is kept.

  4. All the provisions of this Act, and all rules and regulations for the time being in force, relating to trust accounts and their audit apply to nominated trust accounts.

Compare