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Attorneys Act, 1979 (Act No. 53 of 1979)

Rules for the Attorneys' Profession

Part V : Accounting Rules

Trust money to be kept separate from other money

 

35.10 Trust money shall in no circumstances be deposited in or credited to a business banking account. Money other than trust money found in a trust banking account at any time shall be transferred to a business banking account without undue delay. A firm shall be deemed to have complied sufficiently with this rule if it:
35.10.1 makes transfers from its trust banking account to its business banking account at least once a month; and
35.10.2 ensures that, when making a transfer from its trust banking account to its business banking account:
35.10.2.1 the amount transferred is identifiable with, and does not exceed, the amount due to it;
35.10.2.2 the trust creditor from whose account the transfer is made is identified; and
35.10.2.3 the balance of any amount due to it remaining in its trust banking account is capable of identification with corresponding entries appearing in its trust ledger.