302Banks to pay interest on nominated trust accounts to Special Fund

1. Subject to section 301(5), a bank must, as soon as practicable after the date on which it has calculated the interest on a nominated trust account kept at that bank, pay into the Lawyers and Conveyancers Special Fund Bank Account, in such manner as the Management Committee may approve, the monthly interest payable by that bank on that account.

2. Where any bank makes any payment into the Lawyers and Conveyancers Special Fund Bank Account in accordance with subsection (1), that bank must forthwith provide to the Management Committee a return, in such form as the Management Committee may, from time to time, require, specifying—

3. the amount of the payment; and
4. in respect of each nominated trust account on which any interest comprised in the payment has been calculated,—
   1. the amount of the money in that account on which that interest has been calculated; and
   2. the amount of the interest so calculated; and
   3. the method by which that interest was calculated, including the rate of interest.