Transfer of directorate trust banking accounts
51A Transfer of directorate trust banking accounts
This section applies if the Treasurer believes that it is desirable, because of changes in directorate responsibilities, to transfer a directorate trust banking account from a directorate to another directorate.
The Treasurer may, in writing, direct the responsible director‑general of the directorate that holds the account to arrange for it to be transferred to the other directorate.
If a director‑general receives a direction under subsection (2), the director‑general must comply with it.
An account transferred in accordance with the direction becomes a trust banking account of the directorate to which it is transferred.
This Act’s bill:Explanatory statement
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