- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
(1)The Council shall make rules requiring licensed conveyancers to keep such accounts in relation to their practices as may be prescribed by the rules.
(2)The Council shall also make rules requiring licensed conveyancers—
(a)to open and keep at authorised institutions accounts for clients' money;
(b)to hold and pay out money so received in such manner as may be prescribed by the rules ; and
(c)without prejudice to the generality of subsection (1), to keep accounts containing particulars and information as to money received or held or paid by them for or on account of their clients ;
and rules under this subsection shall specify the institutions which are authorised for the purposes of rules under paragraph (a).
(3)Rules under subsection (1) or (2) of this section may empower the Council—
(a)to require licensed conveyancers to deliver to the Council at such intervals as may be prescribed by the rules reports given by qualified accountants and containing such information as may be so prescribed—
(i)for the purpose of giving a true and fair view of the state of their businesses ; or
(ii)for the purpose of enabling the Council to ascertain whether or not the rules have been complied with;
(b)to take such other steps as it considers necessary or expedient for the latter purpose ;
and any such rules may specify circumstances in which persons are exempt from any of the requirements of the rules.
(4)Subject to subsection (5), an accountant shall be qualified to give any such report as is referred to in subsection (3)(a) if he is a member of a relevant body of accountants or is for the time being authorised by the Secretary of State under section 389(1)(b) of the Companies Act 1985.
(5)An accountant shall not be qualified to give any such report in relation to a licensed conveyancer if he is an employee or partner of, or an employee of a partner of, the licensed conveyancer.
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