Singapore legislation
Section 72
Section 72
Rules as to keeping of accounts by solicitors
(1)
The Council may make rules —
as to the opening and keeping by solicitors of accounts at banks for clients’ money;
as to the keeping by solicitors of accounts containing particulars and information as to moneys received, held or paid by them for or on account of their clients;
as to the opening and keeping by every solicitor who is a sole trustee, or who is co‑trustee only with one or more of his or her partners, clerks or servants, of an account at a bank for moneys of any trust of which he or she is such a sole trustee or co‑trustee;
as to the keeping by every solicitor mentioned in paragraph (c) of accounts containing particulars and information as to moneys received, held or paid by him or her for or on account of any trust referred to in that paragraph;
(da)as to the circumstances in which, and the manner by which, the Council may prohibit a solicitor from authorising or effecting any withdrawal of money from any account mentioned in paragraph (a) or (c), whether the withdrawal is authorised or effected by the solicitor signing any cheque or other instrument or otherwise; and
empowering the Council to take any action as may be necessary to enable them to ascertain whether or not the rules are being complied with.
(2)
Any rules made under this section may provide for the manner in which the matters referred to in subsection (1) apply to law corporations or to limited liability law partnerships.
(2A)
Any rules made under this section —
subject to sections 36M and 184, apply only to Singapore law practices and solicitors practising therein; and
are subject to any rules made under section 73D of the Conveyancing and Law of Property Act 1886.
(3)
Any rules made under this section come into operation only after they have been approved by the Chief Justice who may, if he or she thinks fit, consult any of the other Judges before giving his or her approval.
(4)
Disciplinary proceedings may be taken against any solicitor who contravenes any rules made under this section.