(a) Unless an election not to do so is submitted in accordance with the procedure set forth in section (f) of this appendix, a lawyer or law firm with which the lawyer is associated who receives client funds shall maintain a pooled interest-bearing depository account for deposit of client funds that are nominal in amount or expected to be held for a short period of time. Such an account shall comply with the following provisions:
     (1) The account shall include only clients’ funds which are nominal in amount or are expected to be held for a short period of time.
     (2) No interest from such an account shall be made available to a lawyer or law firm.
     (3) The determination of whether clients’ funds are nominal in amount or to be held for a short period of time rests in the sound judgment of each attorney or law firm.
     (4) Notification to clients whose funds are nominal in amount or to be held for a short period of time is not required.
   (b) Any interest-bearing trust account established pursuant to section (a) of this appendix may be established with any financial institution which is authorized by federal, District of Columbia, or state law to do business in the District of Columbia or the state in which the lawyer’s or law firm’s office is situated and which is a member of the Federal Deposit Insurance Corporation, or the Federal Savings and Loan Insurance Corporation, or successor agencies. Funds deposited in such accounts shall be subject to withdrawal upon request and without delay.
   (c) Lawyers or law firms depositing client funds which are nominal in amount or to be held for a short period of time in an interest-bearing depository account under section (a) of this appendix shall direct the depository institution:
     (1) To remit interest or dividends, net of any service charges or fees, on the average monthly balance in the account, or as otherwise computed in accordance with the institution’s standard accounting practice for other depositors, at least quarterly, to the District of Columbia Bar Foundation.      (2) To transmit with each remittance to the District of Columbia Bar Foundation a statement showing the name of the lawyer or law firm for whom the remittance is sent and the rate of interest applied.
   (d) The District of Columbia Bar Foundation shall maintain records of each remittance and statement received from depository institutions for a period of at least three years and shall, upon request, promptly make available to a lawyer or law firm the records and statements pertaining to that lawyer’s or law firm’s account.
   (e) All interest transmitted to the District of Columbia Bar Foundation shall, after deduction for the necessary and reasonable administrative expenses of the Bar Foundation for operation of the IOLTA program, be distributed by that entity for the following purposes: (1) at least eighty-five percent for the support of legal assistance programs providing legal and related assistance to poor persons in the District of Columbia who would otherwise be unable to obtain legal assistance; and (2) up to fifteen percent for those programs to improve the administration of justice in the District of Columbia as are specifically approved from time to time by this court.
   (f)(1) A lawyer or law firm that elects to decline to maintain accounts described in section (a) of this appendix for the twelve months beginning March 1, 1985, shall submit a Notice of Declination in writing, on a form provided by the clerk, to the Chief Judge of this court or the Chief Judge’s designee, on or before November 1, 1985. Any such submission need not be renewed for any ensuing year.
     (2) Any lawyer or law firm that has not filed a Notice of Declination on or before July 1, 1985, may elect to decline to participate in any ensuing year by filing a Notice of Declination with the Chief Judge or the Chief Judge’s designee, within a 31 day period commencing on the 1st day March of each year.
     (3) Notwithstanding the foregoing, any lawyer or law firm may petition the court at any time and, for good cause shown, may be granted leave to file a Notice of Declination at a time other than those specified above. An election to decline participation may be revoked at any time by filing with the Chief Judge or the Chief Judge’s designee a request for enrollment in the program.
     (4) A lawyer or law firm that does not file with the Chief Judge or the Chief Judge’s designee a Notice of Declination in accordance with the provisions of this appendix shall be required to maintain accounts in accordance with section (a) of this appendix.