Page 247 - IOM Law Society Rules Book

ADVOCATES ACCOUNTS RULES 2008

partnership of recognised bodies; and a partnership of advocates and recognised
bodies;

(c) “agreed fee” has the meaning given in rule 19(5);

(d) “bank” means an institution licensed under the Banking Act 1998;

(e) “building society” means a building society within the meaning of the Industrial
and Building Societies Acts 1892 to 1979;

(f) “client” means the person for whom an advocate acts;

(g) “client account” has the meaning given in rule 14(2);

(h) “client money” has the meaning given in rule 13;

(i) a “controlled trust” arises when:

(i) an advocate is the sole trustee of a trust, or co-trustee with only one or more
of his or her partners or employees;

(ii) an advocate who is a director or employee of a recognised body is the sole
trustee of a trust, or co-trustee with only one or more of the recognised
body’s other officers or employees or with the recognised body itself

(iii) a registered legal practitioner who is a director of a recognised body is,
by virtue of practising as a director of the recognised body, the sole
trustee of a trust, or co-trustee with one or more of the recognised
body’s other officers or employees or the recognised body itself; or

(iv) a recognised body is the sole trustee of a trust, or co-trustee with only
one or more of the recognised body’s officers, employees or partners;

and “controlled trustee” means a trustee of a controlled trust; (see also
paragraph (z) below on the meaning of “trustee” and “trust”);

(j) “controlled trust money” has the meaning given in rule 13;

(k) “costs” means an advocates fees and disbursements;
(l) “Council” means the Council of the Isle of Man Law Society;

(m) “disbursements” means any sum spent or to be spent by an advocate on behalf
of the client or controlled trust (including any VAT element);

(n) “fees” of an advocate means the advocate’s own charges or profit costs
(including any VAT element);

(o) “general client account” has the meaning given in rule 14(5)(b);

(p) “mixed payment” has the meaning given in rule 20(1);

Rule 2 – Interpretation page 4