Banking From Trust Funds Considered
(New Zealand Press Association) WELLINGTON, January 26. The New Zealand Law Society is considering asking for interest to be paid on a proportion of solicitors’ trust funds lodged with banks.
Such a scheme was recently introduced in Queensland, New South Wales and Victoria. Banks in New Zealand do not pay interest on solicitors’ trust funds. Preliminary discussions are progressing between the society and trading banks. The question of legislation, if any such scheme was to proceed would have to be discussed with the Government. In the Australian schemes, interest is not paid to the solicitors or their clients, but is paid into a trust fund administered by each State’s law society.
Trust fund proceeds are put to various uses in each State, but generally they support legal aid, the solicitors’ fidelity guarantee fund, research and legal education. Australian experience with the scheme is being watched closely by the council of the New Zealand Law Society. In broad terms, the matter has been examined by the society for a number of years, but the recent introduction of the schemes in Australia has increased local interest.
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Bibliographic details
Press, Volume CVIII, Issue 31588, 27 January 1968, Page 36
Word Count
189Banking From Trust Funds Considered Press, Volume CVIII, Issue 31588, 27 January 1968, Page 36
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