317Election not to receive money or other valuable property in trust

1. No resolution made under any of the provisions of sections 312 to 315 may require a practitioner or incorporated firm to pay to the Lawyers' Fidelity Fund or the Conveyancing Practitioners' Fidelity Fund any contribution or extraordinary levy that would otherwise become payable by that practitioner or incorporated firm to either fund in respect of any period if that practitioner or incorporated firm has elected, in respect of that period, not to receive, in the course of providing regulated services to the public during that period, any money or other valuable property in trust for any other person.

2. A practitioner or incorporated law firm may not make an election under subsection (1) if he or she or it provides regulated services to the public and is a practitioner who, or an incorporated firm that, is obliged by section 112(1) to keep records of trust accounts and valuable property.