Document ID: chunk:federal_register_of_legislation:C2004A02018:body:0:p10
Version: federal_register_of_legislation:C2004A02018
Segment Type: other
Provision Reference: 
Character Range: 22807–25490

may agree with any bank for conducting business
16. (1) Section 20 of the Principal Act is amended by adding at the end thereof the following sub-section:
"(3) An account for the receipt, custody, payment or transmission of public moneys shall not be opened otherwise than in accordance with an agreement under this section.".
(2) An account maintained with a bank immediately before the commencement of this section for the purposes of a provision of this Act, the regulations or any directions given under this Act or the regulations, being an account that was opened by, or by authority of, the Treasurer or the Minister for Finance, shall, in a case where the account was not opened in accordance with an agreement that was expressed to have been made under section 20 of the Audit Act 1901, be deemed, for the purposes of the Principal Act as amended by this Act, to be an account that was opened in accordance with an agreement under that section.
17. (1) Section 21 of the Principal Act is repealed and the following section substituted:

Commonwealth Public Account
"21. (1) The Minister—
      (a) shall, in accordance with section 20, open and maintain, with such banks as he determines, such accounts, each bearing the designation 'Commonwealth Public Account', as he deems fit; and
      (b) may, in accordance with section 20, open and maintain, with such banks as he determines, such other accounts, each bearing a designation that includes the words 'Commonwealth Public Account' and describes the purpose or purposes of the account, as he deems fit.
"(2) All moneys paid into a bank to the credit of an account maintained in accordance with sub-section (1) shall be deemed to be public moneys and the property of the Commonwealth, and to be moneys lent by the Commonwealth to the bank.
"(3) A reference to the Commonwealth Public Account in this Act, in the regulations or in an instrument (including directions) under this Act or under the regulations is, unless the contrary intention appears, a reference to the accounts for the time being maintained in accordance with sub-section (1).".
(2) Where an account maintained with a bank immediately before the commencement of this section, bore the designation "Commonwealth Public Account" or a designation that included the words "Commonwealth Public Account" and described the purpose or purposes of the account, the account shall be treated, for the purpose of section 21 of the Principal Act as amended by this Act, as if it had been opened by the Minister, in accordance with section 20 of the Principal Act as so amended, on the date of commencement of this section.

18. (1) Sections 22 and 23 of the Principal