—(1) The Council shall make rules —
as to the opening and keeping by solicitors of accounts at banks for clients’ money;
as to the keeping by solicitors of accounts containing particulars and information as to moneys received, held or paid by them for or on account of their clients;
as to the opening and keeping by every solicitor who is a sole trustee, or who is co-trustee only with one or more of his partners, clerks or servants, of an account at a bank for moneys of any trust of which he is such a sole trustee or co-trustee;
as to the keeping by every such solicitor of accounts containing particulars and information as to moneys received, held or paid by him for or on account of any such trust; and
empowering the Council to take such action as may be necessary to enable them to ascertain whether or not the rules are being complied with.
(2) Such rules may provide for the manner in which the matters referred to in subsection (1) shall apply to law corporations or to Joint Law Ventures or Formal Law Alliances registered under Part IXA.
(3) Such rules shall not come into operation until they have been approved by the Chief Justice who may if he thinks fit consult any of the other Judges before giving his approval.
(4) Disciplinary proceedings may be taken against any solicitor who contravenes any rules made under this section.