Australian Capital Territory Current Acts

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Directorate trust banking accounts

    (1)     The responsible Minister or the responsible director-general may open a trust banking account for the purposes of the relevant directorate.

    (2)     A trust banking account must be maintained by the director-general.

    (3)     A trust banking account must not, without the Treasurer's written approval, be opened or maintained otherwise than with an authorised deposit-taking institution with which an agreement is in force under section 32 (Agreement for the conduct of banking for Territory).

    (4)     No money may be held in a trust banking account other than trust money.

    (5)     A Minister or a director-general must not open or operate a trust banking account otherwise than in accordance with this Act.

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