oa De Rebus - Interest earned on trust current banking accounts : to be paid over monthly : practice management
Attorneys are asked to take note that with effect from 1 March 2016 it will become mandatory for practitioners to pay over interest earned on trust current banking accounts to the Attorneys Fidelity Fund (AFF), via the appropriate collecting law society, on a monthly basis. This amounts to a refinement on the present position whereby practitioners are obliged to pay over such interest annually. The authority for the change is contained in reg 8(1) to the Attorneys Act 53 of 1979 (the Act).
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