Segregation of certain money
193 Segregation of certain money
Trust money must be kept separate from the general funds of the council or local government subsidiary but money subject to different trusts may be kept together in a common authorised deposit account (to be designated as a trust account).
If a council or local government subsidiary receives funds for a particular purpose, the funds must not be used for any other purpose unless the provider of the funds authorises use of the funds for another purpose.
Note for section 193
If money is given on trust, this provision is not intended to limit the power of the Supreme Court to vary the terms of trust (see section
266).
This Act’s bill:Explanatory statementSecond reading speech
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