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Interest on clients' moneys.
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73.—(1) Without prejudice to section 66 (as substituted by this Act) of the Principal Act the Society shall make regulations within six months of the coming into operation of this section, with the consent of the President of the High Court, to—
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(a) require a solicitor, in prescribed cases, either—
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(i) to open and maintain a separate deposit account at a bank for the benefit of the client for the holding of money received for or on account of the client, or
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(ii) to pay to such client a sum equivalent to the interest which would have accrued if the money so received had been held on deposit by that solicitor,
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(b) define the obligations of a solicitor under paragraph (a) of this section by reference to the amount of any sum received or to the period for which it is or is likely to be held or both, and
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(c) enable a client (without prejudice to any other remedy) to require that any question arising under paragraph (a) or (b) (or both) of this subsection in relation to the client's money be referred to and determined by the Society.
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(2) Except as provided for by regulations made under subsection (1) of this section, a solicitor shall not be liable by virtue of the relationship between solicitor and client to account to any client for interest received by the solicitor on money deposited at a bank, being money received or held for or on account of his clients generally.
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(3) Nothing in this section or in regulations made under this section shall—
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(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
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(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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(4) For the purposes of regulations made under subsection (1) of this section and subject to subsection (3) of this section, “client's money” and “money received for or on account of the client” shall mean money held or received by a solicitor on account of a person for whom he is acting in relation to the holding or receipt of such money either as a solicitor or, arising from his practice as a solicitor, as agent, bailee, stakeholder or in any other capacity.
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