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34.—(1) Regulations[F1 under Article 33] may make provision—
(a)for requiring a solicitor, in such cases as the regulations may prescribe, either—
(i)to keep on deposit in a separate account at a bank[F1 or with a building society] for the benefit of the client money received for or on account of a client; or
(ii)to make good to the client out of the solicitor's own money a sum equivalent to the interest which would have accrued if the money so received had been so kept on deposit;
(b)for defining the cases in which a solicitor may be required to act in accordance with the regulations by reference to the amount of any sum received or to the period for which it is or is likely to be retained or both; and
(c)for enabling a client (without prejudice to any other remedy) to require that any question arising under the regulations in relation to the client's money shall be referred to and determined by the Society.
(2) Except as provided by regulations, a solicitor shall not be liable by virtue of the relation between solicitor and client to account to any client for interest received by the solicitor on money deposited at a bank[F1 or with a building society], being money received or held for or on account of his clients generally.
(3) Nothing in this Article or in regulations made thereunder shall—
(a)affect any arrangement in writing, whenever made, between a solicitor and his client as to the application of the client's money or interest thereon; or
(b)apply to money received by a solicitor being money subject to a trust of which the solicitor is a trustee.
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