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Rules of Practice 1994 (S.R. 1994, No. 229)
|Requested: 28 Jun 2017|
|Consolidated as at: 17 Mar 2006|
37. Withdrawal of money
(1) A firm must not withdraw money from a trust bank account for or on behalf of a client unless
(a) money amounting to at least the amount withdrawn is held in that account at the time of that withdrawal
(i) in the trust bank account to the credit of that client; or
(ii) in the possession of the firm for payment into the trust bank account to the credit of that client; or
(iii) in the trust bank account identifiable by details recorded in the trust ledger account as being money to which that client is entitled; or
(b) that withdrawal arises from the debiting of a cheque which has been properly used to obtain a bank cheque on behalf of that client while that bank cheque remains in the possession of the firm pending its proper disposition.
(2) A firm must not retain a bank cheque drawn under subrule (1) for a period exceeding 2 banking days.