SCHEDULES
SCHEDULE 16The Law Society, solicitors, recognised bodies and foreign lawyers
Part 1The Solicitors Act 1974 (c. 47)
I133
1
Section 33 (interest on clients' money) is amended as follows.
2
For subsection (1) substitute—
1
Rules under section 32 may require a solicitor to pay interest, or sums in lieu of and equivalent to interest, to a client, any other person or any trust, for whom the solicitor holds money.
3
In subsection (2), omit from “and the rules” to the end.
4
For subsection (3) substitute—
3
Except as provided by the rules, a solicitor is not liable to account to any client, other person or trust for interest received by the solicitor on money held at a bank or building society in an account which is for money received or held for, or on account of—
a
the solicitor's clients, other persons or trusts, generally, or
b
that client, person or trust, separately.
5
For subsection (4) substitute—
4
Rules under section 32 may—
a
prescribe the circumstances in which a solicitor may make arrangements to limit or exclude an obligation imposed on the solicitor by rules made by virtue of this section, and
b
prescribe the requirements to be met by and in relation to those arrangements.