Bank account
11 Bank account
Any executive officer of any charitable organisation who collects or receives moneys for any charitable purpose shall, within 7 days of the receipt thereof, pay the same to the credit of a bank account, to be opened for this purpose.
Penalty for this subregulation: a fine of $1 000.
Every person, other than an executive officer, who collects or receives any money on behalf of, or belonging to, a charitable organisation, shall within 14 days of the receipt thereof pay the same to the controlling body of the charitable organisation.
Penalty for this subregulation: a fine of $1 000.
A charitable organisation must keep a register of assets if the organisation —
has assets other than cash on hand or at bank; and
has not recorded the assets in books of account.
Penalty for this subregulation: a fine of $1 000.
Every bank account of a charitable organisation is to be operated by authority signed by 2 officers of the organisation appointed in writing for the purpose by the governing body of the organisation.
[Regulation 11 amended: Gazette 22 Oct 1970 p. 3235; 8 Sep 1972 p. 3506; 22 Aug 2000 p. 4847; SL 2020/120 r. 7.]
[12, 13. Deleted: Gazette 22 Aug 2000 p. 4847.]
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