Solicitors' Accounts Regulations, 1955.
Statutory Instruments
Source: Statutory Instruments

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paragraphs: These Regulations may be cited as the Solicitors' Accounts Regulations 1955, and shall come into operation on the 1st day of January 1957.
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paragraphs: —(1) In these regulations, unless the context otherwise requires :—
" Client " means any person on whose account a solicitor holds or receives client's money ;
" Client account " means a current or deposit account in a bank in the name of the solicitor in the title of which the word " client " appears ;
" Client's money " means money which a solicitor receives as a solicitor or agent or in connection with his practice as a solicitor on account of some other person, but does not include, (a) money to which he is, or in the case of a firm, one or more of the partners are, alone entitled ; or (b) money held or received on account of a trust of which the solicitor is a solicitor-trustee ;
" Solicitor-trustee " means a solicitor who is a sole trustee or who is co-trustee only with a partner, clerk, or servant of his or with more than one of such persons ;
" Trust bank account " means a current or deposit account in the title of which the word " trustee " or " executor " appears kept at a bank in the names of the trustee or trustees of the trust and kept solely for money subject to a particular trust of which the solicitor is solicitor-trustee ;
" Trust money " means money which a solicitor receives and which is subject to a trust of which the solicitor is a trustee whether or not he is solicitor-trustee of such trust.
(2) Other expressions in these regulations have the meanings assigned to them by the Solicitors' Act, 1954, and the term " solicitor " includes a firm of solicitors.
(3) The Interpretation Act 1937 applies to these regulations in the same manner as it applies to an Act of the Oireachtas except in so far as it may be inconsistent with the Act or these regulations.
PART II.—CLIENT ACCOUNTS.
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paragraphs: A solicitor who receives client's money shall open and keep a client account at a bank. A solicitor may keep one or as many client accounts as he thinks fit.
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paragraphs: A solicitor who receives client's money shall without unnecessary delay pay such money into a client account unless such money—
(a) is received in the form of cash and is paid in cash without unnecessary delay to the client or on his behalf ; or
(b) is received in the form of a cheque or draft or other negotiable instrument which is endorsed over without unnecessary delay to the client or on his behalf ; or
(c) is paid without unnecessary delay into a separate banking account in the name of the client or some person named by the client ; or
(d) is money which the client has directed the solicitor to deal with otherwise ; or
(e) is money which the Council, upon application made to them by the solicitor, have specifically authorised in writing to be withheld from a client account.
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paragraphs: No client's money shall be drawn from a client account except :—
(a) money properly required for a payment to or on behalf of a client whose money has been paid into that account ;
(b) money properly required for or towards payment of a debt due to the solicitor from a client whose money has been paid into that account or in reimbursement of money expended by the solicitor on behalf of such a client ;
(c) money properly required for or towards payment of costs incurred or commission due by a client whose money has been paid into that account ;
(d) money for immediate transfer to another client account in the same or other bank ;
(e) money, which, upon an application made to them by a solicitor, the Council specifically authorise in writing to be withdrawn ;
and all such withdrawals, save only those made by virtue of paragraph (a) of this regulation, shall be made only by—
(i) a cheque drawn in favour of the solicitor ; or
(ii) a transfer to a bank account in the name of the solicitor not being a client account.
PART III.—TRUST ACCOUNTS.
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paragraphs: A solicitor-trustee who receives trust money shall open and keep a trust bank account.
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paragraphs: A solicitor-trustee who receives trust money shall without unnecessary delay pay such money into a trust bank account unless such money—
(a) is received either in the form of cash which is paid in cash in the proper execution of the trust to a third party or in the form of a cheque or draft or other negotiable instrument which is endorsed over in the proper execution of the trust to a third party; or
(b) is trust money which is temporarily paid by the solicitor into a client account.
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paragraphs: No money shall be drawn from a trust bank account except—
(a) money properly required for a payment in the execution of the particular trust ; or
(b) money paid into the account by mistake ; or
(c) money which upon an application made to them by the solicitor the Council specifically authorise in writing to be withdrawn.
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paragraphs: A solicitor who is a trustee (not being a solicitor-trustee) and who receives trust money shall without unnecessary delay pay such money into a bank account in the names of the trustees kept solely for money subject to the trust, unless such trust money is temporarily paid into a client account.
PART IV.—GENERAL.
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paragraphs: Money drawn from a client account, for a client or trust shall not exceed the total of the money held for the time being in such account on account of such client or trust.
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paragraphs: —(1) A solicitor shall at all times keep properly written up such books and accounts as may be necessary—
to show all his dealings with and particulars of and information as to—
(1) monies received, held, or paid by him for or on account of each individual client ;
(2) any other money dealt with by him through a client account ;
(3) money received, held, or paid by him on account of each trust of which he is solicitor-trustee, and
(2) A solicitor shall preserve for at least ten years from the date of the last entry therein all books and accounts kept by him under this regulation.
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paragraphs: Every solicitor practising on his own account and every firm of solicitors and every solicitor-trustee shall whenever required by the Council prepare or cause to be prepared such accounting statement as will show in summary form the true balances of all monies received and due in respect of clients or trusts and where and how at the date of such statement such balances are held in safe keeping and available for payment.
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paragraphs: Each partner of a firm of solicitors shall be responsible for securing compliance by the firm with the provisions of these regulations.
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paragraphs: —(1) In order to ascertain whether these regulations have been complied with the Council, acting either on their own motion or on a written complaint lodged with them, may require any solicitor to produce at some convenient time and place to be fixed by the Council his books of account, bank statements or pass-books statements of account, vouchers, and any other necessary documents, including accounting statements prepared under Regulation 12 hereof, for the inspection of an accountant nominated by the solicitor, and if approved, appointed by the Council, or, in default of such nomination and approval, of an accountant appointed by the Council, and such accountant shall prepare for the information of the Council a report on the result of such inspection.
(2) Upon being required so to do a solicitor shall produce such books of account, bank pass-books, statements of account, vouchers, and other documents at the time and place fixed.
(3) Before instituting an inspection on a written complaint the Council shall require prima facie evidence that a ground of complaint exists and may require the payment by the person lodging the complaint of a reasonable sum to be fixed by the Council to cover the costs and expenses of the inspection and of the solicitor against whom the complaint is made. The Council may deal with any sum so paid in such manner as they think fit.
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paragraphs: Every requirement, authorisation, and notification to be made or given by the Council to a solicitor under these Regulations shall be made in writing under the hand of the registrar or the Secretary of the Society or such person as may be appointed by the Council for the purpose and sent by registered post to the last address of the solicitor appearing on the register of solicitors and when so made and sent shall be deemed to have been received by the solicitor within forty-eight hours of the time of posting.
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paragraphs: The powers of the Society under these regulations are hereby delegated to the Disciplinary Committee.
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paragraphs: Nothing in these regulations shall deprive a solicitor of and recourse or right, whether by way of lien, set-off, counter-claim, charge, or otherwise against moneys standing to the credit of a client account or a trust bank account.
Signed on behalf of the Incorporated Law Society of Ireland this 3rd day of November, 1955.
THOMAS A. O'REILLY,
President of the Incorporated Law Society of Ireland.
I concur in the making of the foregoing regulations.
CONCHUBHAR A. MAGUIDHIR
Chief Justice.