Singapore legislation
Clause 76
Clause 76
Rules as to keeping of accounts by solicitors
(1)
The Council shall 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; and
empowering the Council to take such action as may be necessary to enable them to ascertain whether or not the rules are being complied with.
(2)
The Council shall also make rules —
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 partners, clerks or servants, of an account at a bank for moneys of any trust of which he is such a sole trustee or co-trustee; and
as to the keeping by every such solicitor of accounts containing particulars and information as to moneys received, held or paid by him for or on account of any such trust; and
empowering the Council to take such action as may be necessary to enable them to ascertain whether or not the rules are being complied with.
(3)
Any such rules shall not come into operation until they have been approved by the Chief Justice who may if he thinks fit consult any of the other judges before giving his approval.
(4)
Disciplinary proceedings may be taken against any solicitor who fails to comply with any rules made under this section.
(5)
In this section the expressions “trust” and “trustee” extend to implied and constructive trusts and to cases where the trustee has a beneficial interest in the trust property and to the duties incident to the office of a personal representative, and “trustee”, where the context admits, includes a personal representative.