Legal Profession (Law Practice Entities) Rules 2015 · As enacted · Part 5 · Singapore Group Practices
45. Bank account
Feedback & supportLast amended by an amending law of 2018.
Where a Singapore group practice does not have a manager, the Singapore law practices in the Singapore group practice may open and operate a common office account.
Where a Singapore group practice has a manager, the Singapore law practices in the Singapore group practice may open and operate a common office account for the purpose of meeting common expenses not borne by the manager.
Each Singapore law practice in a Singapore group practice must maintain, separately from the other Singapore law practices in the Singapore group practice —
its own client account;
if it holds or receives (or will hold or receive) any conveyancing money, its own conveyancing account; and
if it is appointed to act for the Central Provident Fund Board in any conveyancing transaction, its own conveyancing (CPF) account.
Subregulation 1
Where a Singapore group practice does not have a manager, the Singapore law practices in the Singapore group practice may open and operate a common office account.
Subregulation 2
Where a Singapore group practice has a manager, the Singapore law practices in the Singapore group practice may open and operate a common office account for the purpose of meeting common expenses not borne by the manager.
Subregulation 3
Each Singapore law practice in a Singapore group practice must maintain, separately from the other Singapore law practices in the Singapore group practice —
its own client account;
if it holds or receives (or will hold or receive) any conveyancing money, its own conveyancing account; and
if it is appointed to act for the Central Provident Fund Board in any conveyancing transaction, its own conveyancing (CPF) account.