Legal Profession (Accountant’s Report) (Amendment) Rules 1998

No. S 382

Legal Profession Act

(Chapter 161)

Legal Profession (Accountant’s Report)
(Amendment) Rules 1998

In exercise of the powers conferred by section 73(4) of the Legal Profession Act, the Council of the Law Society of Singapore, with the approval of the Chief Justice, hereby makes the following Rules:

Citation and commencement

1. These Rules may be cited as the Legal Profession (Accountant’s Report) (Amendment) Rules 1998 and shall come into operation on 1st August 1998.

Amendment of rule 2

2. Rule 2 of the Legal Profession (Accountant’s Report) Rules (R 10) (referred to in these Rules as the principal Rules) is amended —

(a)

by inserting, immediately before the definition of “ “client”, “client account”, “client’s money” and “trust money” ”, the following definitions:

“ “approved finance company” means any finance company registered under the Finance Companies Act (Cap. 108) which is approved by the Minister to accept deposits of client’s money for the purposes of these Rules;

“bank” has the same meaning as in the Banking Act (Cap. 19);

“bank statement” means a statement issued by a bank in respect of any client account maintained at such bank, and includes a statement issued by an approved finance company in respect of a client account maintained at such finance company;”; and

(b)

by deleting the definition of “trust bank account” and substituting the following definition:

“ “trust account” has the meaning assigned to it by the Legal Profession (Solicitors’ Trust Accounts) Rules (R 9).”.

Amendment of rule 4

3. Rule 4(1) of the principal Rules is amended —

(a)	by deleting the words “bank accounts (excluding trust bank accounts)” in the third line and substituting the words “accounts (excluding trust accounts) maintained by the solicitor at any bank or with any approved finance company”;
(b)	by inserting, immediately after the word “banks” in the sixth line of sub-paragraph (f)(i), the words “and approved finance companies”; and
(c)	by inserting, immediately after the word “bank” in sub-paragraph (f)(ii), the words “or approved finance company”.

Deletion and substitution of rules 10 and 11

4. Rules 10 and 11 of the principal Rules are deleted and the following rules substituted therefor:

“Requirements of Council — how made

10. Every requirement to be made by the Council of a solicitor under these Rules —

(a)	shall be made in writing under the hand of the Director or a member of the Council designated by the Council for the purpose; and
(b)	may be served on the solicitor by sending the document by registered post to his usual or last known address.

Notice given by Council to accountants

11. Every notice to be given by the Council to an accountant under these Rules —

(a)	shall be in writing under the hand of the Director or a member of the Council designated by the Council for this purpose; and
(b)	may be served on the accountant by sending the notice by registered post to the address of the accountant as shown on an accountant’s report or appearing in the records of the Institute of Certified Public Accountants of Singapore of which the accountant is a member.”.

Made this 14th day of May 1998.

GEORGE LIM TEONG JIN

President,
Council of the Law Society of Singapore.

[LS/52/98/YD/zul; AG/LEG/SL/161/97/1 Vol. 1]

(To be presented to Parliament under section 131 of the Legal Profession Act).

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