Legal Profession (Solicitors’ Accounts) (Amendment No. 2) Rules 2022

Status:

Published in Subsidiary Legislation Supplement
on 12 Apr 2022

No. S 312

Legal Profession Act 1966

Legal Profession
(Solicitors’ Accounts)
(Amendment No. 2) Rules 2022

In exercise of the powers conferred by section 72(1) of the Legal Profession Act 1966, the Council of the Law Society of Singapore, with the approval of the Chief Justice, makes the following Rules:

Citation and commencement

1. These Rules are the Legal Profession (Solicitors’ Accounts) (Amendment No. 2) Rules 2022 and come into operation on 12 April 2022.

Amendment of rule 2

2. Rule 2(1) of the Legal Profession (Solicitors’ Accounts) Rules (R 8) is amended by inserting, immediately after the definition of “land”, the following definition:

“ “online digital payment” means any form of transfer of funds by electronic means provided by a regulated financial institution as defined in section 2(1) of the Payment Services Act 2019;”.

Amendment of rule 8

3. Rule 8 of the Legal Profession (Solicitors’ Accounts) Rules is amended —

(a)

by inserting the word “or” at the end of paragraph (4A)(a);

(b)

by deleting the word “; or” at the end of paragraph (4A)(b) and substituting a full‑stop;

(c)

by deleting sub‑paragraph (c) of paragraph (4A);

(d)

by deleting paragraph (5) and substituting the following paragraph:

“(5) No sum exceeding $5,000 is to be drawn from a client account except —

(a)	upon a cheque (or other instruction effecting the withdrawal) signed by 2 solicitors; or
(b)	by means of an online digital payment authorised by 2 solicitors in accordance with any practice directions issued by the Council.”; and

(e)

by inserting, immediately after the words “client account” in paragraph (7), the words “, or authorise an online digital payment effecting such withdrawal,”.

[G.N. Nos. S 466/2001; S 109/2004; S 660/2006; S 206/2007; S 207/2007; S 478/2008; S 468/2009; S 395/2011; S 631/2011; S 181/2012; S 1076/2020; S 17/2022]

Made on 11 April 2022.

ADRIAN TAN

President,
Council of the Law Society of Singapore.

[LS/LPR/2021/001; AG/LEGIS/SL/161/2020/10 Vol. 1]

(To be presented to Parliament under section 185 of the Legal Profession Act 1966).

Search within Legislation