Attorneys Act, 1979 (Act No. 53 of 1979)Rules for the Attorneys' ProfessionPart V : Accounting RulesTrust 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. |