Commonwealth Consolidated Acts Commonwealth Consolidated ActsPayment 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.
Investment
(2) The representative body may invest money received by it under this Division if:
(a) the money is not immediately required for the purposes of the body; and
(b) the money is invested:
(i) on deposit with a bank, including a deposit evidenced by a certificate of deposit; or
(ii) in securities of, or securities guaranteed by, the Commonwealth, a State or a Territory; or
(iii) in any other manner approved by the Finance Minister in writing.
(2A) The Finance Minister may, by written instrument, delegate any of the Finance Minister's powers or functions under this section to an official (within the meaning of the Public Governance, Performance and Accountability Act 2013 ) of a non - corporate Commonwealth entity (within the meaning of that Act). In exercising powers or functions under a delegation, the official must comply with any directions of the Finance Minister.
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 the provision expressly states that it applies to such a contract.
(4) In this section:
"bank" has the same meaning as in the Public Governance, Performance and Accountability Act 2013 .
"Finance Minister" means the Minister who administers the Public Governance, Performance and Accountability Act 2013 .