Singapore legislation

Regulation 2

of Legal Profession (Solicitors’ Trust Accounts) Rules

Regulation 2

Definitions

In these Rules, unless the context otherwise requires —“approved finance company” means any finance company registered under the Finance Companies Act (Cap. 108) which is approved by the Minister to accept deposits of client’s money for the purposes of these Rules;“bank” has the same meaning as in the Banking Act (Cap. 19);“client account” means a current or deposit account which —

(a)

is maintained in the name of a solicitor at a bank or with an approved finance company;

(b)

has the word “client” appearing in its title; and

(c)

is kept and operated in accordance with the provisions of the Legal Profession (Solicitors’ Accounts) Rules (R 8);“solicitor-trustee” means a solicitor who is the sole trustee or a co-trustee only with one or more of his partners or employees;“trust account” means a current or deposit account which —

(a)

is maintained in the name of a solicitor at a bank or with an approved finance company solely for money subject to a particular trust of which the solicitor is a solicitor-trustee; and

(b)

has the word “trustee” or “executor” appearing in its title or which is otherwise clearly designated as a trust account.

Definition

“approved finance company” means any finance company registered under the Finance Companies Act (Cap. 108) which is approved by the Minister to accept deposits of client’s money for the purposes of these Rules;

Definition

“bank” has the same meaning as in the Banking Act (Cap. 19);

Definition

“client account” means a current or deposit account which —

(a)

is maintained in the name of a solicitor at a bank or with an approved finance company;

(b)

has the word “client” appearing in its title; and

(c)

is kept and operated in accordance with the provisions of the Legal Profession (Solicitors’ Accounts) Rules (R 8);

Definition

“solicitor-trustee” means a solicitor who is the sole trustee or a co-trustee only with one or more of his partners or employees;

Definition

“trust account” means a current or deposit account which —

(a)

is maintained in the name of a solicitor at a bank or with an approved finance company solely for money subject to a particular trust of which the solicitor is a solicitor-trustee; and

(b)

has the word “trustee” or “executor” appearing in its title or which is otherwise clearly designated as a trust account.

Read in full context — Legal Profession (Solicitors’ Trust Accounts) Rules →