S.I. No. 304/1984:

THE SOLICITORS' ACCOUNTS REGULATIONS No. 2 OF 1984.

THE SOLICITORS' ACCOUNTS REGULATIONS No. 2 OF 1984.

The Incorporated Law Society of Ireland in exercise of the powers conferred on it by Sections 4, 5, 66 and 71 of the Solicitors' Act, 1954, and of every other power enabling it and with the concurrence of the President of the High Court hereby make the following Regulations.

PART I--PRELIMINARY

1. These Regulations may be cited as the Solicitors' Accounts Regulations No. 2 of 1984 and shall come into operation on the 1st day of January 1985.

Accountant's Reports under the Second Schedule will apply to accounting periods ending on or after the 1st day of January, 1985 whereupon the Solicitors' Accounts regulations 1967-1977 and the Solicitors' Accounts Regulations 1984 ( S.I. No. 204 of 1984 ) shall cease to have effect.

2. (1) "Accountant" has the meaning given to it by Part V 21 (3) of these Regulations;

"Accountant's Certificate" has the meaning given to it by Part V 21 (1) of these Regulations;

"Accounting Date" means the date in each year selected by a solicitor and notified by him to the Society pursuant to Part V 21 (2) of these Regulations;

"Accounting Period" means the period of one year ending on the accounting date, subject to the provisions of Regulations 21 (2), 25 and 26 (1);

"Act" shall mean the Solicitors' Acts 1954 and 1960;

"Associated Firms" shall mean where the two or more firms have one or more partners in common;

"Bank" shall mean a branch situated in the Republic of Ireland of a bank listed in the First Schedule or any other bank licensed under the Central Bank Acts as the Society may from time to time approve;

"Client" shall mean any person on whose account a solicitor holds or receives client's money;

"Client Account" shall mean a current or deposit account in the name of the solicitor and in the title of which account the word "client" shall appear, at;

( a ) a bank; or

( b ) any other financial institution authorised by the client in writing;

"Client's Money" shall mean money held or received by a solicitor on behalf of a person for whom he is acting in relation to the holding or receipt of such money either as a solicitor or, in connection with his practice as a solicitor, as agent, stakeholder or in any other capacity; provided that the expression "client's money" shall not include--

( a ) money held or received on behalf of the trustees of a trust of which the solicitor is a solicitor-trustee;

( b ) money to which the only person entitled is the solicitor himself or, in the case of a firm of solicitors, one or more of the partners in the firm;

( c ) monies placed on joint deposit receipt except where the payees are all members of the same practice;

"Reporting Date" shall mean--

(i) the date expiring six months after the commencement of the accounting period; and

(ii) the date of the last day of the accounting period;

"Solicitor" shall mean a solicitor of the Courts of Justice and shall include a firm of solicitors;

"Solicitor-Trustee" shall mean a solicitor who is a sole trustee or executor or who is co-trustee or co-executor only with a partner, clerk or servant of his or with more than one of such persons;

"Trust Bank Account" shall mean a current or deposit account in the title of which the word "trustee" or "executor" appears, or which is otherwise clearly designated as a trust account, kept at a bank and kept solely for money subject to a particular trust of which the solicitor is a solicitor-trustee;

"Trust Money" shall mean money held or received by a solicitor which is not client's money and which is subject to a trust of which the solicitor is a trustee whether or not he is a solicitor-trustee of such trust.

(2) Other expressions in these Regulations shall, except where otherwise stated, have the meanings assigned to them by the Act.

(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 ACCOUNT

3. Subject to the provisions of Regulation 6 hereof, every solicitor who holds or receives client's money or money which under Regulation 4 hereof he is permitted and elects to pay into a client account, shall without delay pay such money into a client account. Any solicitor may keep one client account or as many such accounts as he thinks fit.

4. There may be paid into a client account--

( a ) trust money;

( b ) such money belonging to the solicitor as may be necessary for the purpose of opening or maintaining the account;

( c ) money to replace any sum which for any reason may have been drawn from the account in contravention of paragraph (2) of Regulation 8 of these Regulations;

( d ) a cheque or draft received by the solicitor which under paragraph (b) of Regulation 5 of these Regulations he is entitled to split but which he does not split;

( e ) other money belonging to the solicitor.

5. Where a solicitor holds or receives a cheque or draft which includes client's money or trust money of one or more trusts--

( a ) he may, where practicable, split such cheque or draft and, if he does so, he shall deal with each part thereof as if he had received a separate cheque or draft in respect of that part; or

( b ) if he does not split the cheque or draft, he shall, if any part thereof consists of client's money, and may, in any other case, pay the cheque or draft into a client account.

6. (1) Notwithstanding the provisions of these Regulations, a solicitor shall not be under obligation to pay into a client account client's money held or received by him--

( a ) which is received by him in the form of cash and is without delay paid in cash in the ordinary course of business to the client or on his behalf to a third party; or

( b ) which is received by him in the form of a cheque or draft which is endorsed over without delay in the ordinary course of business to the client or on his behalf to a third party and is not passed by the solicitor through a bank account; or

( c ) which he pays into a separate bank account in the name of the client or of some person designated by the client in writing.

(2) Notwithstanding the provisions of these Regulations but subject to paragraph (3) a solicitor shall not pay into a client account money held or received by him which the client for his own convenience requests the solicitor to withhold from such account, such request being in writing from the client.

(3) Where a cheque or draft includes client's money other than money of the nature described in paragraph (2) as well as money of that nature such cheque or draft shall be dealt with in accordance with Regulation 5 of these Regulations.

(4) Notwithstanding the provisions of these Regulations the Council may upon application made to it by a solicitor specifically authorise him in writing to withhold any client's money from a client account.

7. There may be drawn from a client account--

( a ) in the case of client's money--

(i) money properly required for a payment to or on behalf of that client;

(ii) money properly required for or towards payment of a debt due to the solicitor from the client whose money has been paid into that account or in reimbursement of money expended by the solicitor on behalf of the client;

(iii) money drawn on the client's authority;

(iv) money properly required for or towards payment of the solicitor's costs where there has been delivered to the client a bill of costs or other written intimation of the amount of the costs incurred and it has thereby or otherwise in writing been made clear to the client that money held for him is being or will be applied towards or in satisfaction of such costs; and

(v) money which is thereby transferred into another client account;

( b ) in the case of trust money--

(i) money properly required for a payment in the execution of the particular trust; and

(ii) money to be transferred into a separate bank account kept solely for the money of the particular trust;

( c ) such money, not being money to which either paragraph (a) or paragraph (b) of this Regulation applies, as may have been paid into the account under paragraph (b) or (e) of Regulation 4 or paragraph (b) of Regulation 5 of these Regulations; and

( d ) money which for any reason may have been paid into the account by mistake;

provided that in any case under paragraph (a) or paragraph (b) of this Regulation the money so drawn shall not exceed the total of the money held for the time being in such account on behalf of such client or trust.

8. (1) No money drawn from a client account under Regulation 7 (a) (ii), 7 (a) (iv) or 7 (d) shall be drawn except by--

( a ) a cheque drawn in favour of the solicitor; or

( b ) a transfer to a bank account in the name of the solicitor not being a client account.

(2) No money other than money permitted by Regulation 7 to be drawn from a client account shall be so drawn unless the Council upon an application made to it by the solicitor specifically authorises in writing its withdrawal.

9. No sum shall be transferred from the ledger account of one client to that of another except in circumstances in which it would have been permissible under these Regulations to have withdrawn from a client account the sum transferred from the first client and to have paid into a client account the sum so transferred to the second client.

10. (1) Every solicitor shall at all times keep proper books of account--

( a ) to show all his dealings with--

(i) client's money received, held or paid by him; and

(ii) any other money dealt with by him through a client account; and

( b ) to distinguish separately--

(i) in respect of each client all money of the category specified in sub-paragraph (a) of this paragraph which is received, held or paid by him on behalf of that client; and

(ii) all money of the said categories received, held or paid by him, from any other money received, held or paid by him.

(2) ( a ) All dealings referred to in sub-paragraph (a) of paragraph (1) of this Regulation shall be recorded as may be appropriate--

(i) ( a ) either in a client's cash book, or a client's column of a cash book; or

( b ) in a record of sums transferred from the ledger account of one client to that of another;

(ii) and in a client's ledger or a client's column of a ledger; and

( b ) all dealings of the solicitor relating to his practice as a solicitor other than those referred to in paragraph (1) (a) of this Regulation shall (subject to compliance with the Regulations contained in Part III hereof) be recorded in such cash book and ledger or such other columns of a cash book and ledger as the solicitor may maintain.

(3) ( a ) In respect of every accounting period commencing on or after 1st January 1985 every solicitor shall as at each reporting date cause the balance between the client bank lodged and drawn columns of his cash book or the balance on his client bank ledger account, as the case may be, to be agreed with his client bank statements; and

( b ) as at the same date or dates extract from his clients' ledger a list of balances due by him to clients and prepare a statement comparing the total of the said balances with the reconciled balance in the client bank account; and

( c ) as at the same date or dates prepare a client's ledger control account containing the totals of all items posted in detail to the debit and credit columns of the client's ledger and reconcile the balance therein with;

(i) the total of the balances on the individual client's ledger accounts; and

(ii) the reconciled client bank balances.

PART III--TRUST BANK ACCOUNT

11. Subject to the provisions of Regulation 13 of these Regulations, every solicitor-trustee who holds or receives money subject to a trust of which he is a solicitor-trustee, other than money which is paid into a client account as permitted by the Regulations contained in Part II hereof, shall without delay pay such money into the trust bank account of the particular trust.

12. There may be paid into a trust bank account--

( a ) money subject to the particular trust;

( b ) such money belonging to the solicitor-trustee or to a co-trustee of his as may be necessary for the purpose of opening or maintaining the account; or

( c ) money to replace any sum which for any reason may have been drawn from the account in contravention of Regulation 17 of these Regulations.

13. Where a solicitor holds or receives a cheque or draft which includes money subject to a trust or trusts of which the solicitor is solicitor-trustee--

( a ) he shall, where practicable, split such cheque or draft and, if he does so, shall deal with each part thereof as if he had received a separate cheque or draft in respect of that part; or

( b ) if he does not split the cheque or draft, he may pay it into a client account as permitted by the Regulations contained in Part II hereof.

14. Notwithstanding the provisions of these Regulations, a solicitor shall not be under obligation to pay into a trust bank account money held or received by him which is subject to a trust of which he is solicitor-trustee--

( a ) if the money is received by him in the form of cash and is without delay paid in cash in the execution of the trust to a third party; or

( b ) if the money is received by him in the form of a cheque or draft which is without delay endorsed over in the execution of the trust to a third party and is not passed by the solicitor through a bank account.

15. No money, other than money which under the foregoing Regulations a solicitor is required or permitted to pay into a trust bank account, shall be paid into a trust bank account, and it shall be the duty of a solicitor into whose trust bank account any money has been paid in contravention of this Regulation to withdraw the same without delay on discovery.

16. There may be drawn from a trust bank account--

( a ) money properly required for a payment in the execution of the particular trust;

( b ) money to be transferred to a client account;

( c ) such money, not being money subject to the particular trust, as may have been paid into the account under paragraph (b) of Regulation 12 of these Regulations; or

( d ) money which may for any reason reason have been paid into the account by mistake or otherwise in contravention of Regulation 15 of these Regulations.

17. No money other than money permitted by Regulation 16 of these Regulations to be drawn from a trust bank account shall be so drawn unless the Council upon an application made to it by the solicitor expressly authorises in writing its withdrawal.

18. (1) Every solicitor-trustee shall at all times keep such records as may be necessary--

( a ) to show separately in respect of each trust of which he is solicitor-trustee all his dealings with money received, held or paid by him on behalf of that trust; and

( b ) to distinguish the same from money received, held or paid by him on any other account.

PART IV--BOOKS OF ACCOUNT

19. (1) The minimum books which a solicitor shall keep in connection with his practice are--

( a ) a cash book, or books, showing monies received and paid, ruled with separate principal money columns on each side, one for transactions on office account and others for transactions on client account and, where appropriate, trust bank account or, alternatively, at the solicitor's option, separate cash books, one for transactions on office account, and others for transactions on client account and, where appropriate, transactions on trust bank account; and

( b ) a ledger or ledgers kept so as to distinguish clearly between transactions on client account and trust bank account and transactions on office account; and

( c ) a record of bank lodgements of monies received by the solicitor in connection with his practice, distinguishing between lodgements made to client account or trust bank account and lodgements made to other accounts.

(2) In addition to the books, ledgers and records referred to in paragraph (1) of this Regulation, every solicitor shall keep a record of all bills of costs (distinguishing between profit costs and disbursements) and of all written intimations under Regulation 7 (a) (ii) and (iv) of these Regulations delivered or made by the solicitor to his clients, which record shall be contained in a bills delivered book or a file of copies of such bills and intimations.

(3) In this Regulation the expressions "accounts", "books", "ledgers" and "records" shall be deemed to include loose-leaf books and such cards or other permanent documents or records as are necessary for the operation of any system of bookkeeping, mechanical or computerised.

20. Every solicitor shall preserve for at least ten years from the date of the last entry therein all accounts, books, ledgers, reconciliation statements and records kept by him under these Regulations.

PART V--ACCOUNTANT'S REPORT

21. (1) "Accountant's Certificate" Every solicitor to whom these Regulations apply shall deliver to the Society within six months of the accounting date in each practice year, or within such further period as the Society may permit, a certificate in the form of a report signed by an accountant (in these Regulations referred to as an "Accountant's Report") in the form set out in the Second Schedule hereto or in such other form as may be approved by the Society, in respect of the accounting period.

(2) The accounting date shall be a fixed date in each practice year selected by a solicitor and the solicitor shall within three months from the date on which these Regulations apply to him, notify the Society of such date. The accounting date shall also be stated in the annual declaration made by the solicitor for the purpose of obtaining a practising certificate. In the case of existing practices the accounting date adopted prior to the implementation of these Regulations will continue to be the accounting date. The accounting date may not be changed without the written consent of the Society.

(3) An accountant (which shall where the context so admits or requires include a firm of accountants) shall be qualified to give an Accountant's Report on behalf of a solicitor if--

( a ) he is a member in practice of--

(i) The Institute of Chartered Accountants in Ireland; or

(ii) The Institute of Chartered Accountants in England and Wales; or

(iii) The Institute of Chartered Accountants of Scotland; or

(iv) The Chartered Association of Certified Accountants; or

(v) The Institute of Certified Public Accountants in Ireland; or

( b ) he is a person (approved by the Society) who is considered by the Council to have adequate qualifications or experience in the auditing of accounts; and

( c ) he has neither been at any time during the accounting period to which the report relates, nor subsequently, before giving the report, become a partner, clerk or servant of such solicitor or or any partner of his; and

( d ) he is not subject to a notice of disqualification under paragraph (4) of this Regulation.

(4) The Council may at any time in it's absolute discretion withdraw approval of an accountant and may thereafter refuse to accept Accountant's Reports prepared by such accountant either generally or in any particular case. Notification of such withdrawal shall be sent by the Council to the accountant and to any solicitor affected by it but no reason need be assigned by the Council for the withdrawal of such approval.

22. (1) For the purpose of giving an Accountant's Report, an Accountant shall ascertain from the solicitor particulars of all bank accounts, (including trust bank accounts) kept, maintained or operated by the solicitor in connection with the solicitor's practice at any time during the accounting period to which his report relates and make an examination of the books, accounts and other relevant documents of the solicitor as set out in paragraphs (2) and (3) of this Regulation.

(2) The accountant shall where applicable make the following examination in respect of transactions with clients--

( a ) so examine the book-keeping system in every office of the solicitor as to enable the accountant to verify that such system complies with Regulations 10 and 19 and is so designed that--

(i) an appropriate ledger account is kept for each client;

(ii) such ledger accounts show separately from other information particulars of all client's money received held or paid on behalf of each client; and

(iii) transactions relating to client's money and any other money dealt with through a client account are recorded in the solicitor's books so as to distinguish such transactions from transactions relating to any other monies received, held or paid by the solicitor;

( b ) make test checks of postings to clients' ledger accounts from records of receipts and payments of clients' money and make test checks of the totals of such accounts and records;

( c ) compare a sample of lodgments into and payments from the client account as shown in bank statements with the solicitor's records of receipts and payments of clients' money;

( d ) enquire into and test check the system of recording costs and of making withdrawals in respect of costs from the client account;

( e ) make a test examination of such documents as he shall request the solicitor to produce to him with the object of ascertaining and confirming--

(i) that the financial transactions (including those giving rise to transfers from one ledger account to another) evidenced by such documents, are in accordance with Part II of these Regulations; and

(ii) that the entries in the clients' ledger accounts reflect those transactions in a manner complying with Part II of these Regulations;

(f) check extractions of balances on the clients' ledger accounts at the last day of the accounting period under review and at such date--

(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 the client account, with the cash book balance on client account; and

(ii) reconcile the cash book balance with the client account balance as confirmed direct to the accountant by the bank; and

(iii) satisfy himself as to the arithmetical accuracy of the books of account by ensuring that the closing balance of the clients' ledger control account for the accounting period covered by the Accountant's Report is reconciled with the total of the individual clients' ledger balances;

( g ) make a test examination of the client's ledger accounts in order to ascertain whether payments from the client account have been made on any individual account in excess of money held on behalf of that client;

( h ) examine such office ledger and cash accounts and bank statements as the solicitor maintains with a view to ascertaining whether any client's money has not been paid into a client account;

( i ) satisfy himself that the reconciliations and lists of balances referred to in Regulation 10 (3) of these regulations have been prepared on a timely basis in respect of the accounting period covered by the report;

( j ) make test checks of postings to the client's ledger control account;

( k ) ask for such information and explanations as he may require arising out of sub-paragraphs (a) to (j).

(3) The Accountant shall make the following examination in respect of transactions with trusts of which the solicitor is solicitor-trustee--

( a ) obtain listing of all trust bank accounts as at the accounting date;

( b ) test check transactions through the client's or trusts' bank accounts with the related records and files.

(4) Nothing in Paragraph (1) (2) or (3) of this Regulation shall require the accountant--

( a ) to extend his inquiries beyond the information contained in the relevant documents relating to any client's matter produced to him supplemented by such information and explanations as he may obtain from the solicitor;

( b ) to enquire into the stocks, shares, other securities or documents of title held by the solicitor on behalf of his clients or trusts.

(5) If, after making an examination in accordance with paragraph (1) (2) (3) and (4) of this Regulation, it appears to the accountant that there is evidence that these Regulations have not been complied with, he shall make such further examination as he considers necessary in order to complete his report with or without qualification.

23. The solicitor shall produce to the accountant any document which the accountant may consider necessary for him to inspect for the purposes of his examination in accordance with Regulation 22 of these Regulations. It shall not be necessary to disclose a client's entire file to the accountant but the correspondence covering payments/receipts shall be made available to the accountant to enable him to vouch the transactions in the books of account with the supporting files and, where the solicitor declines to make available such correspondence, the accountant shall qualify his report to that effect setting out the circumstances.

24. No Accountant's Report shall be required in the case of a solicitor who--

(1) ( a ) having held a practising certificate has delivered an Accountant's Report covering the accounting period ended on the date upon which he ceased to practise and to hold or receive client's money; or

( b ) is in the whole time service of the State; or

( c ) is in the part time service of the State so far as regards monies received, held or paid by him in the course of such service; or

( d ) has satisfied the Society that he has at no time during the accounting period held or received client's money or trust money.

(2) Holds a current practising certificate--

( a ) for the first time; or

( b ) for the first time, after having for twelve months or more, ceased so to do; or

( c ) has satisfied the Council that either--

( a ) these Regulations are not applicable to him because he is employed only as an assistant solicitor by another solicitor or firm of solicitors and has not, during the period to which the said application relates, practised alone or in partnership or been held out to the public as a partner or held or received client's money; or

( b ) these Regulations are not applicable to him because during the period to which the said application relates he has either--

(i) not practised as a solicitor alone or as a partner or been held out to the public as a partner; or

(ii) not held or received client's money.

25. (1) In the case of a solicitor who--

( a ) comes under an obligation to deliver his first Accountant's Report; or

( b ) having been exempt under Regulation 24 of these Regulations from delivering an Accountant's Report in the preceding practice year, comes under obligation to deliver an Accountant's Report;

the accounting period shall begin on the date upon which he first held or received client's money or, after such exemption, began again to hold or receive client's money, and may cover less than twelve months, and shall in all other respects comply with the requirements of Section 31 (1) of the Act.

(2) In the case of a solicitor retiring from practice who, having ceased to hold or receive client's money, is under an obligation to deliver his final Accountant's Report, the accounting period shall end on the date upon which he ceased to hold or receive client's money, and may cover less than twelve months, and shall in all other respects comply with the requirements of Section 31 (1) of the Act.

26. (1) In the case of a solicitor who--

( a ) was not exempt under Regulation 24 of these Regulations from delivering an Accountant's Report in the preceding practice year; and

( b ) since the expiry of the accounting period covered by such Accountant's Report has become, or ceased to be, a member of a firm of solicitors; or

( c ) as a result or in anticipation of a change in the normal date to which his or his firm's accounts are made up, has sought and obtained permission from the Council;

the accounting period may cover more/less than twelve months and shall in all other respects comply with the requirements of Section 31 (1) of the Act.

(2) In the case of a solicitor who has two or more places of business--

( a ) the Accountant's Report delivered by him to the Society in each practice year should cover all client's money held or received by him and all monies held or received by him in the capacity of solicitor-trustee;

(b) each place of business shall have the same accounting date.

(3) In the case of associated firms--

(a) the Accountant's Report delivered by them to the Society in each practice year should cover all client's money held or received by them;

(b) each firm's Accountant's Report shall be prepared to the same accounting date by the same accountant.

27. Every notice to be given by the Council under these Regulations to an accountant shall be in writing under the hand of the Director General of the Society and sent by registered post to the address to the accountant as shown on an Accountant's Report or appearing in the records of the professional body of which the accountant is a member and, when so given and sent, shall be deemed to have been received by the accountant within two working days of the time of posting.

28. The Council shall have power to waive in writing in any particular case any of the Regulations in this Part.

PART VI--GENERAL

29. (1) In order to ascertain whether these Regulations have been complied with, the Council acting either on it's own motion or on a written complaint lodged with it, may approve and appoint an accountant for such purposes as hereinafter mentioned.

(2) Where the Council approves and appoints an accountant, the solicitor shall produce at a time and place appointed by the Council his books of account, bank statements or pass books, statements of account, vouchers, files and any other necessary documents including accounting statements prepared under Regulation 31 (1) hereof, for the inspection of the accountant and shall afford to such accountant all other facilities which the accountant may consider necessary for completing an inspection and report to the Council on the result of the investigation. Subject to the provisions of the next succeeding sub paragraph of this paragraph the solicitor shall be responsible for the costs and expenses of such inspection and report if the Council determines that there has been a material breach of the Regulations.

(3) Before instituting an inspection on a written complaint lodged with it 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 it to cover the costs of the inspection and the costs of the solicitor against whom the complaint is made, and any sum not so applied shall be refunded to the person lodging the same.

(4) In this paragraph the term "accountant" includes any authorised representative of the accountant.

(5) The Council may at any time terminate the authority of an accountant and appoint another to carry on or complete an investigation and report.

30. 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, and keep appropriate records thereof.

31. (1) Every solicitor practising on his own account and every solicitor-trustee shall, whenever required by the Council, prepare or cause to be prepared and shall submit to the Council within such time, not being less than seven days, as the Council shall require by notice in writing, such accounting statement as will show in summary form the true balances of all monies received and due in respect of all clients and trusts, and appropriate reconciliations or, if so required in respect of any particular client or trust, and where and how at the date of such statement such balances are held in safekeeping and available for payment.

(2) If any sum is due by a client or trust to such solicitor or such solicitor-trustee in respect of costs which have not been taxed or otherwise ascertained, the sum to be included in the accounting statement shall be the gross amount received by the solicitor or solicitor-trustee for or on behalf of such client or trust less any credits which may have been agreed or ascertained, and a note shall be appended stating that costs are due and stating the estimated amount thereof, without prejudice to the taxation of any bill of costs in the absence of agreement.

(3) Without prejudice to its generality the term "monies" in this paragraph includes bearer bonds, securities passing by delivery and all other types of negotiable securities.

(4) A solicitor shall, if required by the Council, lodge with such accounting statement as is mentioned in sub-paragraph (1) or at any later time named by the Council, a report by an accountant stating--

(a) whether or not he is satisfied that the said books, accounts and accounting statements have been properly kept and prepared in accordance with Regulations 10 and 19, and, in the case of trust bank accounts Regulations 18 and 19, and whether they record truly the financial position of the solicitor towards all clients and trusts;

(b) if he is not satisfied as aforesaid the matters in respect of which he is not so satisfied and also reporting the balance on the solicitor's client account and any trust bank account.

(5) A report by an accountant may, if the Council shall so direct, be restricted so as to relate only to one or more named clients or trusts.

32. Each partner of a firm of solicitors shall be responsible for securing compliance by the firm with the provisions of these Regulations.

33. 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 Director General of the Society or such person as may be appointed by the Council for the purpose and may, without prejudice to any other methods of service authorised by the Act, be 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 two working days of the time of posting.

34. Nothing in these Regulations shall deprive a solicitor of any recourse or right, whether by way of lien, set off, counter-claim, charge or otherwise against monies standing to the credit of a client account or a trust bank account.

35. Subject to the provisions of Section 66 (3) of the Principal Act and of these Regulations, these regulations apply to every solicitor who receives client's money or trust money.

FIRST SCHEDULE

AGRICULTURAL CREDIT CORPORATION

ALGEMENE BANK NEDERLAND (IRELAND) LIMITED

ALLIED IRISH BANKS LIMITED

ALLIED IRISH FINANCE COMPANY LIMITED

ALLIED IRISH INVESTMENT BANK LIMITED

ANGLO-IRISH BANK LIMITED

ANSBACHER & COMPANY LIMITED

BANK OF AMERICA NT & SA

BANK OF IRELAND

BANK OF IRELAND FINANCE LIMITED

BANK OF NOVA SCOTIA

BANQUE NATIONALE DE PARIS (IRELAND) LIMITED

BARCLAYS BANK INTERNATIONAL LIMITED

BARCLAYS COMMERCIAL BANK LIMITED

BOWMAKER (IRELAND) LIMITED

CITIBANK N.A.

CHASE BANK (IRELAND) LIMITED

CITY OF DUBLIN BANK LIMITED

CREDIT FINANCE BANK LIMITED

FIRST NATIONAL BANK OF CHICAGO

FIRST SOUTHERN BANK LIMITED

FORWARD TRUST (IRELAND) LIMITED

GUINESS & MAHON LIMITED

HILL SAMUEL & COMPANY (IRELAND) LIMITED

HONGKONG AND SHANGHAI BANKING CORPORATION

INDUSTRIAL CREDIT COMPANY LIMITED

INVESTMENT BANK OF IRELAND LIMITED

IRISH BANK OF COMMERCE LIMITED

IRISH INTERCONTINENTAL BANK LIMITED

LOMBARD & ULSTER BANKING IRELAND LIMITED

MERCANTILE CREDIT COMPANY OF IRELAND LIMITED

NORTHERN BANK LIMITED

NORTHERN BANK FINANCE CORPORATION LIMITED

POST OFFICE SAVINGS BANK

STANDARD CHARTERED BANK IRELAND LIMITED

TRINITY BANK LIMITED

TRUSTEE SAVINGS BANKS

ULSTER BANK LIMITED

ULSTER INVESTMENT BANK LIMITED

UDT BANK LIMITED

SECOND SCHEDULE

ACCOUNTANT'S REPORT

To:

The Director General,

Incorporated Law Society of Ireland,

Blackhall Place,

Dublin 7.

Accounting Period covered by this report

Beginning on _____________________

Ending on _____________________

In compliance with Section 31 of the Solicitors Act, 1960, and the Solicitors Accounts Regulations No. 2 of 1984 under Section 66 of the Solicitors' Act 1954, and in accordance with regulation 22 of these Regulations I have examined the books, accounts and documents produced to me in respect of the above practice(s) of the above-named solicitor(s).

1. Based on this examination, in my opinion, he/they have complied with the provisions of parts II, III and IV of the Solicitor's Accounts Regulations No. 2 of 1984 during the above mentioned accounting period, except in so far as concerns:

(a) certain trivial breaches due to clerical errors or mistakes in bookkeeping, all of which were rectified on discovery and none of which, I am satisfied, resulted in any loss to any client;

(b) the matters set out in the First Section on the back hereof, in respect of which I have not been able to satisfy myself for the reasons therein stated;

(c) the matters set out in the Second Section on the back hereof, in respect of which it appears to me that the solicitor has not complied with the provisions of Parts II, III and IV of the Solicitors' Accounts regulations No. 2 of 1984.

2. The results of the comparisons required under Regulations 22 (2) of the Solicitors' Accounts Regulations No. 2 of 1984 of the last date of the accounting period under review were as follows:--

Where the figures set out in (a), (b) or (c) above do not agree I have set out an explanation of the differences arising in the Third Section on the back hereof.

3. (a) Having retired from active practice as a solicitor the said

______________________________________________

ceased to hold client's money or money held as solicitor-trustee on

_______________________________________________

( b ) Having ceased to practise under the style of

_______________________________________________

the said

_______________________________________________

ceased to hold client's money or money held on solicitor-trustee under that style on

_______________________________________________

Particulars of the Accountant

FIRST SECTION

Matters in respect of which the accountant has been unable to satisfy himself and the reasons for that inability:--

SECOND SECTION

Matters (other than trivial breaches) in respect of which it appears to the accountant that the solicitor has not complied with the provisions of the Solicitors' Accounts Regulations No. 2 of 1984:--

THIRD SECTION

An explanation of any differences arising as between the liabilities to clients as shown by the clients' ledger accounts and the funds held in client account and the balance on the clients' ledger control account should be set out in detail and explained fully.

DATED this 22nd day of November 1984

Signed on behalf of the Incorporated Law Society of Ireland

FRANK O'DONNELL,

President Incorporated

Law Society of Ireland

I concur in the making of the above Regulations

THOMAS A. FINLAY,

President of the High Court