Legal Profession (Audit) Regulations 2008 (NI)

NORFOLK ISLAND

LEGAL PROFESSION (audit) REGULATIONS 2008

Regulations No. 5 of 2008

I, Owen Edward John Walsh, Acting Administrator of Norfolk Island, acting in accordance with the advice of the Executive Council of Norfolk Island, make the following Regulations under Section 46 of the Legal Profession Act 1993.

Dated 24 June 2008. O.E.J. Walsh Acting Administrator By His Honour's Command S.V. Jack Minister for the Environment, Education and Social Welfare Acting at the request of and for and on behalf of Minister for Tourism and Health ________

Part 1 Preliminary and definitions Short title 1. These Regulations may be cited as the Legal Profession (Audit) Regulations 2008. Commencement Date 2. These Regulations come into operation on 1 July 2008. Application of the Regulations 3. These Regulations apply to practitioners holding a Norfolk Island certificate of entitlement to practise.

Definitions 4. (1) Expressions defined in the Legal Profession Act 1993 bear their defined meanings in these Regulations. (2) In these Regulations, unless inconsistent with the context or subject matter  "the Act" means the Legal Profession Act 1993. "audit date" means 1 July in respect of the year or other shorter period ending on the previous 30 June. "auditor" means an auditor appointed by or under the Act to make an examination or audit of the practitioner's trust accounts.

"deficiency" means a lack of funds in a practitioner's trust accounts generally as disclosed by the cash book or the other records of the practitioner's practice or a lack of funds credited to any client in an account in the practitioner's trust accounts; but does not include any deficiency  (a) which an auditor or inspector is satisfied was caused solely by bank error; or (b) which an auditor is satisfied was caused solely by inadvertence and the amount is restored within two days of the discovery of the deficiency. "firm" means a firm as defined in the Act and, in relation to a practitioner not being a firm, means  (a) a partnership of which the practitioner is a partner; or (b) a practitioner, partnership or person which employs the practitioner. "money" includes notes, coin, bills of exchange, promissory notes, cheques and other instruments convertible to cash, in any currency; ""mortgage" means a mortgage, charge, security, bill of sale, loan contract or any document purporting to secure or regulate the repayment of moneys but does not include a terms contract of sale of land; "nominee mortgage" means a mortgage wherein one or more mortgagees is a practitioner or a corporation of which a practitioner is a shareholder or director and is the nominee or trustee of or for a person (other than the practitioner) who is beneficially entitled to the security of and the moneys secured by the mortgage; "practitioner" has the same meaning as defined by section 3 of the Act and includes a person entitled to practise the profession of the law and, if the context admits or requires, a firm but does not include a person who is not a resident practitioner; "professional valuer" means a person with qualifications, experience and membership of a widely recognised professional body, such as the Australian Institute of Valuers and Land Economists; "section" means section of the Act; "transit money" means any trust money which is not paid into a trust account but is received by a practitioner and paid to another person; "trust money" means money received in the course of or in connection with the provision of legal services by a practitioner for or on behalf of another person and includes  (a) money received on account of legal costs in advance of providing the services; and (b) transit money; and (c) money controlled by a practitioner, alone or with an associate, pursuant to a power to deal with money for or on behalf of another person that is  (i) exercisable alone or with an associate; (ii) exercisable jointly and severally with the person or a nominee or nominees of the person.