On 26/05/2013,
you requested for the version in force on 26/05/2013
incorporating all amendments published on or before 26/05/2013.
The closest version currently available is that of 08/07/2011.
3. Rule 4(1) of the principal Rules is amended —
(a)
by deleting sub-paragraphs (ii) and (iii) of sub-paragraph (a) and substituting the following sub-paragraphs:
“(ii)
such ledger accounts show separately from other information particulars of all client’s money, conveyancing money and other money received, held or paid on account of each client; and
(iii)
transactions relating to client’s money and any other money dealt with through a client account, and transactions relating to conveyancing money dealt with through a conveyancing account or conveyancing (CPF) account, are recorded in the solicitor’s books so as to distinguish such transactions from transactions relating to any other money received, held or paid by the solicitor;”;
(b)
by deleting sub-paragraphs (b), (c) and (d) and substituting the following sub-paragraphs:
“(b)
make test checks of —
(i)
postings to clients’ ledger accounts from records of receipts and payments of —
(A)
client’s money and any other money dealt with through a client account; and
(B)
conveyancing money dealt with through a conveyancing account or conveyancing (CPF) account; and
(ii)
the costs of each client account, conveyancing account and conveyancing (CPF) account (if any) and of such records;
(c)
compare —
(i)
a sample of lodgments into and payments from a client account (as shown in bank statements) with the solicitor’s records of receipts and payments of client’s money and any other money dealt with through the client account; and
(ii)
a sample of lodgments into and payments from a conveyancing account or conveyancing (CPF) account (as shown in bank statements) with the solicitor’s records of receipts and payments of conveyancing money dealt with through the conveyancing account or conveyancing (CPF) account, as the case may be; and
(d)
enquire into and test check the system of recording costs and of making transfers in respect of costs from each client account, conveyancing account and conveyancing (CPF) account (if any);”;
(c)
by deleting sub-paragraph (i) of sub-paragraph (f) and substituting the following sub-paragraph:
“(i)
compare the total as shown by such ledger accounts of the liabilities to the clients (including those for whom trust money is held in a client account, or conveyancing money is held in a conveyancing account or conveyancing (CPF) account), with the cash book balances on every client account, conveyancing account, conveyancing (CPF) account (if any), client’s fixed deposit account with a bank or approved finance company (including such a fixed deposit account in which trust money is held) and other fixed deposit account; and”; and
(d)
by deleting sub-paragraphs (h) and (i) and substituting the following sub-paragraphs:
“(h)
make a test examination of the clients’ ledger accounts in order to ascertain whether the payments made from any client account, conveyancing account or conveyancing (CPF) account in respect of any client are in excess of the money held on behalf of that client in that account;
(i)
peruse such office ledger and cash accounts and bank statements as the solicitor maintains with a view to ascertaining whether —
(i)
any client’s money has not been paid into a client account; or
(ii)
any conveyancing money has not been paid into a conveyancing account or, if paid by the Central Provident Fund Board, into a conveyancing (CPF) account; and”.