A 2
[Subsidiary]
L.N. 102/64.
L.N. 20/70. L.N. 197/73.
L.N. 211/76.
L.N. 65/65,
Citation. L.N. 20/70. Interpretation.
Qualifications of accountant. L.N. 20/70.
L.N. 197/73. (Cap. 50.)
CAP. 159]
Accountant's Report Rules
[1976 Ed.
ACCOUNTANT'S REPORT RULES
(Cap. 159, section 73)
[1st June, 1965.]
1.
These rules may be cited as the Accountant's Report Rules.
2.
In these rules, unless the context otherwise requires-- "client" means any person on whose account a solicitor holds or receives client's money;
"client account" means a current or deposit account at a bank in the name of the solicitor in the title of which the word "client" appears;
"client's money" means money held or received by a solicitor on account of a person for whom he is acting in relation to the holding or receipt of such money either as a solicitor or, in connexion with his practice as a solicitor, as agent, bailee, stakeholder, solicitor-trustee or in any other capacity, but not money to which the only person entitled is the solicitor himself or, in the case of a firm of solicitors, one or more of the partners in the firm:
Provided that the expression "client's money" shall not extend to money held or received by a solicitor holding an office to which section 75(a) of the Ordinance applies, in the course of his employment in such office, or to money paid without delay into an account subject to public or official audit; "solicitor" means a solicitor of the Court and any firm of solicitors; "solicitor-trustee" means a solicitor who is a sole trustee or who is co-trustee only with a partner, clerk or servant of his or with more than one of such persons; and
"trust money" means money held or received by a solicitor which is not client's money and which is subject to a trust of which the solicitor is a trustee, whether or not he is solicitor-trustee of such trust.
3. (1) An accountant shall be qualified to give an accountant's report on behalf of a solicitor, in accordance with the provisions of section 8 of the Ordinance if-
(a) he is a professional accountant holding a practising certificate as provided in the Professional Accountants Ordinance;
(b) he has neither been at any time during the accounting period, nor subsequently, before giving the report, become a partner, clerk or servant of such solicitor or of any partner of such solicitor; and