Accounts
34 Accounts
A school body (other than a joint school representative body) must open an official bank account under the name of the school body with an ADI and may open other bank accounts with an ADI.
A school management council may, on behalf of a joint school representative body, open a bank account with an ADI.
A school body must obtain the approval of the CEO before opening a bank account, including an official bank account.
A school body must deposit in an official bank account opened under subregulation (1) all of its money mentioned in section 110(1)(a) or (c) of the Act.
Money in an official bank account opened under subregulation (1) is held on behalf of the Minister.
A school body may deposit in a bank account (other than an official bank account opened under subregulation (1)) money mentioned in section 110(1)(b) of the Act.
A joint school representative body may determine the use of money in a bank account opened under subregulation (2) for the purpose of joint projects for the benefit of the Government schools for which the body is established.
An account mentioned in subregulation (7) is to be managed by one of the Government schools for which the joint school representative body is established as nominated by that body for that purpose.
A school body must keep separate records of transactions for each account held by it.
A school representative body must nominate the persons who are to be signatories to withdrawals from an account held by the body.
A school management council or multi-school management council must nominate at least 2 persons, who must be approved by the CEO, who are to be signatories to withdrawals from an account held by the council.
A withdrawal as mentioned in subregulation (10) or (11) must be authorised by at least 2 of the nominated signatories.
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