Document ID: chunk:federal_register_of_legislation:C2007C00533:clause:3_203cb
Version: federal_register_of_legislation:C2007C00533
Segment Type: clause
Provision Reference: sch 3 cl 203CB
Character Range: 444196–445842

203CB  Banking and investment

Payment into bank account

 (1) A representative body must pay all money received by it under this Division into an account maintained by it with a bank.

Surplus money

 (2) The representative body may invest surplus money:
 (a) on deposit with a bank; or
 (b) in securities of the Commonwealth or of a State or Territory; or
 (c) in securities guaranteed by the Commonwealth, a State or a Territory; or
 (d) in any other manner approved by the Treasurer in writing.

Restrictions on entering into contracts

 (3) A provision of the law by or under which the representative body is incorporated to the effect that the body must not enter into a contract involving expenditure or payment of more than a specified amount of money without a specified person's approval does not apply to a contract for the investment of money under subsection (2), unless:
 (a) the provision expressly states that it applies to such a contract; or
 (b) the body concerned is an exempt State body.

Definitions

 (4) In this section, unless the contrary intention appears:

bank means:
 (a) a person who carries on the business of banking, either in Australia or outside Australia; or
 (b) any other institution:
 (i) that carries on a business in Australia that consists of or includes taking money on deposit; and
 (ii) the operations of which are subject to prudential supervision or regulation under a law of the Commonwealth, a State or a Territory.

surplus money means money received by the representative body under this Division that is not immediately required for the purposes of the body.

Division 5—Accountability