1963-HKRS30-8-54_Part05 — Page 7

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LEGAL PRACTITIONERS ORDINANCE, 1964. (No. 16 of 1964).

SOLICITORS' ACCOUNTS RULES, 1964.

In exercise of the powers conferred by section 73 of the Legal Practitioners Ordinance, 1964, the Committee of the Incorporated Law Society of Hong Kong, with the approval of the Chief Justice, has made the following rules—

I. These rules may be cited as the Solicitors' Accounts Rules, 1964, and shall come into operation on the day appointed for the commencement of section 8 of the Legal Practitioners Ordinance, 1964.

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, stake- holder, 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 frm of solicitors, one or more of the partners in the firm; "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) Subject to the provisions of rule 9, a solicitor who holds or receives client's money, or money which under rule 4 he is permitted and elects to pay into a client account, shall without delay pay such money into a client account.

(2) For the purposes of this rule, a solicitor shall keep not less than one client account and may keep as many such accounts as he thinks fit.

Payment into client account.

4.

There may be paid into a client account- (a) trust money;

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(b) such money belonging to the solicitor as may be necessary for

the purpose of opening or maintaining the account;

(c) money to replace any sum which may by mistake or accident have been drawn from the account in contravention of para- graph (2) of rule 8; and

(d) a cheque or draft received by the solicitor, which under rule 5

he is entitled to split but which he does not split.

5. Where a solicitor holds or receives a cheque or draft which Splitting. includes client's money or trust money of one or more trusts-

(d) he may where practicable split such cheque or draft and, if he does so, he shall deal with each part thereof as if he had received a separate cheque or draft in respect of that part; or (b) if he does not split the cheque or draft, he shall, if any part thereof consists of client's money, and may, in any other case, pay the cheque or draft into a client account.

6. No money other than money which under rules 3, 4 and 5 a Restriction solicitor is required or permitted to pay into a client account shall be en payment paid into a client account.

7. There may be drawn from a client account-

(c) in the case of client's money-

(i) money properly required for a payment to or on behalf of the client:

(ú) money properly required for or towards payment of a debt due to the solicitor from the client or in reimbursement of money expended by the solicitor on behalf of the client;

(i) money drawn on the client's authority; and

(iv) money properly required for or towards payment of the solicitor's costs where a bill of costs or other written intimation of the amount of the costs incurred has been delivered to the client and the client has been notified that money held for him will be applied towards or in satisfaction of such costs;

(b) in the case of trust money, including money held by the

solicitor as solicitor-trustee-

(i) money properly required for a payment in the execution

of the particular trust, and

(i) money to be transferred to a separate bank account kept solely for the money of the particular trust;

(c) such money, not being money to which either paragraph (a) or paragraph (5) applies, as may have been paid into the account under paragraph (b) or paragraph (d) of rule 4; and

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