Singapore legislation
Regulation 8
Regulation 8
Accounting period for solicitor exempted under rule 7 obliged to deliver first report
Subregulation 1
In the case of a solicitor who —
becomes under an obligation to deliver his first accountant’s report; or
having been exempt under rule 7 from delivering an accountant’s report in the preceding practice year, becomes under an obligation to deliver an accountant’s report,the accounting period shall begin on the date upon which he first held or received client’s money or conveyancing money, or, after such exemption, began again to hold or receive client’s money or conveyancing money.
Subregulation 2
The accounting period referred to in paragraph (1) may cover less than 12 months and shall in other respects comply with the requirements of section 73(3) of the Act.
Subregulation 3
In the case of a solicitor retiring from practice who, having ceased to hold or receive client’s money or conveyancing money, or both, is under an obligation to deliver his final accountant’s report, the accounting period —
shall end on the date upon which he ceased to hold or receive client’s money or conveyancing money, or both;
may cover less than 12 months; and
shall in all other respects comply with the requirements of section 73(3) of the Act.