Associations Incorporation Reform Regulations 2023

The Association must open an account with a financial institution from which all expenditure of the Association is made and into which all of the Association's revenue is deposited.

Subject to any restrictions imposed by a general meeting of the Association, the Committee may approve expenditure on behalf of the Association.

The Committee may authorise the Treasurer to expend funds on behalf of the Association (including by electronic funds transfer) up to a specified limit without requiring approval from the Committee for each item on which the funds are expended.

All cheques, drafts, bills of exchange, promissory notes and other negotiable instruments must be signed by 2 committee members.

All funds of the Association must be deposited into the financial account of the Association no later than 5 working days after receipt.

Despite subrule (1), the Committee may authorise the Treasurer to maintain a petty cash fund for minor and incidental expenses of the Association.

The Treasurer must record the withdrawal or deposit of an amount from the petty cash fund at the time of the transaction.