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Rules of Practice 1994 (S.R. 1994, No. 229)
Requested:  22 Jul 2017
Consolidated as at:  17 Mar 2006

3. Interpretation

In these rules –

act includes omission;
Act means the Legal Profession Act 1993;
accounting period means the period of 12 months immediately before the inspection by a trust account inspector under Part 3;
accounting record means any book of account or other accounting record required to be kept under Part 3;
approved means approved by the Council;
approved institution means –

(a) a bank; or

(b) a permanent building society; or

(c) a trustee company within the meaning of the Trustee Companies Act 1953;

cash book means a trust account cash book maintained under rule 26;
client includes a person by whom, or on whose behalf, money for investment is advanced to, or held by, a firm;
controlled fund means a fund that is subject to supervision under Part 5 as if it were part of the trust bank account of a firm;
controlled fund operator means a fund operator that –

(a) operates a controlled fund; and

(b) is registered under rule 67;

corporation means a corporation within the meaning of the Corporations Act;
cost agreement means an agreement under section 129 of the Act;
disbursements means any fees, costs or charges other than those incurred by a practitioner for advice given, or work done, by another practitioner who is a partner of, or employed by, the same practice as the practitioner;
examination means an examination made under rule 50;
Executive Director means the Executive Director of the Society;
firm, in Parts 3, 4, 5 and 6, includes a legal practitioner corporation;
fund means money for investment and the securities arising from that money for investment, held or controlled by a firm or fund operator with authority to advance in the acquisition of mortgage securities or other securities;
fund operator means a corporation, partnership, individual or firm which controls a fund;
government valuation means a valuation made by any State or Commonwealth government or local government of the capital value of a property;
insured, in relation to a mortgage, means insured under a policy of insurance providing for the indemnification of the mortgagee by the insurer against default by the mortgagor in respect of the payment of principal and interest until all money secured by the mortgage has been paid;
insurer means an approved trustee insurer within the meaning of the Trustee (Insured Housing Loans) Act 1970;
investor includes –

(a) a client of a firm; and

(b) a person by whom money for investment is placed with, or on whose behalf money is held by, a firm or fund operator for investment;

lease includes an agreement for lease;
litigation loan agreement means an agreement between a client, a lending institution and a practitioner to provide the client with money to pay the legal costs of the practitioner in relation to the conduct of litigation for or on behalf of the client;
money includes –

(a) in Division 9 of Part 3, a cheque, bank draft, bill of exchange or any other negotiable instrument; and

(b) in Part 5, any instrument or asset that is capable of being converted into money;

money for investment means money received or held by a firm or fund operator on behalf of an investor as –

(a) money borrowed by the firm or fund operator; or

(b) money received or held for application in the acquisition of any securities that are to be held –

(i) beneficially by or for the firm or fund operator; or

(ii) by any person for an investor;

mortgage means a registered mortgage over an estate in fee simple in land;
mortgage security means a security by way of mortgage;
partnership includes a limited partnership;
party includes any person who is jointly a party to any proceedings or transaction;
practise means to practise as a barrister or legal practitioner;
practitioner  –

(a) means a person who is practising as a barrister or legal practitioner; and

(b) for the purposes of rule 12, includes a firm or a partner, an employer or an employee of a practitioner;

president means the president of the Society;
proceedings, for the purposes of rule 12, means any action or claim at law or in equity;
registered valuer means a registered valuer within the meaning of the Valuers Registration Act 1974;
related firm, in relation to a controlled fund, means the firm that applies to the Society to register a fund operator as a controlled fund operator of that fund;
report means a report made by a trust account inspector under rule 52;
security valuation, in relation to an application or proposed application of money for investment, means a valuation for security purposes made in accordance with rule 66;
short-term money market dealer means a person carrying on business in this State who is –

(a) approved by the Reserve Bank of Australia as a dealer in the short-term money market; and

(b) is declared under section 5(1)(h) of the Trustee Act 1898 to be a dealer in the short-term money market;

statutory charge means a charge on land arising by force of a statute;
statutory tribunal means any tribunal or other quasi-judicial body established under an Act;
transaction means any dealing between parties which may affect, create or be related to any legal or equitable right or entitlement or interest in property of any kind;
trust account inspector means a person appointed under rule 47.

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