RULE 70-CERTIFICATE (THIRD SCHEDULE) INTERPRETATION

This accountants' report (Schedule 3 Rule 70) must be filed at the Law Society within six months of the end of the firm's financial year.

The Rules of the Law Society do not make provision for postponement for late submission and only a condonation application is possible.

PARAGRAPH 1 & 2:

The period here referred to implies the financial year-end of the concerned firm.

PARAGRAPH 3:

The aim of this paragraph is confirmation that accounting records were timeously noted and balanced, even after the date of the financial year-end. (See Rule 68.5 in this regard).

PARAGRAPH 4:

At least two trial months during the financial year are required whereby confirmation is obtained that on these given dates, adequate trust funds were available to comply with trust responsibilities.

PARAGRAPH 5:

This paragraph must be fully completed at all times, even if a direct clearing agreement exists between the bank and the Law Society.

An audit test as confirmation that interest earned on the trust account has been paid to the attorney, is also required. The interest accumulated for the financial year must be paid over to the Law society before the end of May of that year.

PARAGRAPH 9:

If the applicable provisions of the Law and Rules have been fully complied with, it should only be stated that no conditions to the report exist.