Trust Form 10(Form 1 under the Rules of Practice 1994 – Rule 60)

Designated Trust Deposit Account Requirements

Legal Profession Act 2007

Specified period ending: 31 March, ……...  30 June, …..…

 30 September, …..…. 31 December, …......

(1)On …………………………(date) I caused the amount of $...... to be

paid into the designated trust deposit account with ………………………..……….…(ADI).

This amount together with $...... already on deposit with the Trust is not less than 2/3rds of the specified deposit for the specified period.

OR(2)I have retained the balance of$ …………………. in the designated trust deposit account as:

a)This amount is not less than 2/3rds of the specified deposit; OR

 b)The amount required to be lodged to make the designated trust deposit account not less than 2/3rds of the specified deposit for the specified period is less than $20,000.

OR(3)On ………………………… (date) I caused the amount of $...... to be

withdrawn from the designated trust deposit account with ……..…….……………….(ADI),

leaving $...... on depositbeing not less than 2/3rds of the specified deposit.

OR(4)I have no funds in the designated trust deposit account and the requirement to lodge is less than $20,000.

OR(5)I apply for an exemption using the attached Trust Form 12

 Tick appropriate action.

I, …………………………………………………………………………………….(Principal) Legal Practitioner *practising on my own account/*a member of the law practice of

…………………………..………………………………..……………(Name of lawpractice) certify that the above information is accurate.

Dated: ……………………..… 20.…. ………………….………………(Signature)

*Strike out if not applicable

Notes for Trust Form 10

The following is a suggested procedure to comply with the Designated Trust Deposit Account Requirements under s352 of the Legal Profession Act 2007.

This must be done within 21 days of the end of each quarter (31 March, 30 June, 30 September and 31 December).

  1. Calculate the amount required to be deposited (or withdrawn) as follows:

  1. Depositinto (or withdraw from) Statutory Deposit Account with your bank, as appropriate;
  1. Complete Form 10 and lodge with the Law Society.
  1. If unable to lodge the required funds into the Designated Trust Deposit Account due to insufficient funds, a Form 12 Application for Exemption with supporting documentation should be forwarded to the Society for consideration.
  • Shortfall in funds in trust account during quarter

If there is a need to withdraw funds during the quarter to avoid overdrawing your Trust Account, a withdrawal may be made from the Designated Trust Deposit Account. AForm 11 Certificate of Bill of Exchangeshould then becompletedand forwarded to the Society.

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