Moneys to be kept at financial institutions

In force

(1)

All public moneys and non-public moneys must be kept at a financial institution.

(2)

Subsection (1) does not apply to—

(a)

investments made under part 3, division 6 or part 5, division 6; or

(b)

securities taken in relation to a loan or financial arrangement; or

(c)

public moneys or non-public moneys that a department, under a Treasurer’s approval, holds or transacts in a currency denomination other than Australian dollars.

(3)

This section is subject to a contrary intention in this or another Act.

This Act’s bill:Explanatory memorandum Second reading speech

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81 Moneys to be kept at financial institutions