The Council of the Law Society had considered and ruled as follows:
Where a solicitor, who in connection with his practice as solicitor is appointed to sit as an arbitrator in any proceeding, has called for deposits to account of his fees and disbursements to be incurred in the arbitration, he must place the deposit so received in the client account of the law firm or law corporation in which he is practising as a solicitor.
This is consistent with the definition of 'Client's Money' as set out in the Legal Profession (Solicitors' Accounts) Rules (1999 Rev Ed).
'client's money' means 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, in connection with his practice as a solicitor, as agent, bailee, stakeholder or in any other capacity, but does not include:
(a) money held or received on account of the trustees of a trust of which the solicitor is
solicitor-trustee; or
(b) money to which the only person entitled is the solicitor himself or, in the case of a firm of solicitors, one or more of the partners of the firm.