UNIT TITLES ACT 1970 - SECT 37 37. (1) A corporation shall open and maintain an account at a bank, credit union or building society into which it shall pay all moneys received by it and out of which shall be paid all expenditure incurred by it.

Australian Capital Territory Repealed Acts

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This legislation has been repealed.

UNIT TITLES ACT 1970 - SECT 37

37. (1) A corporation shall open and maintain an account at a bank, credit union or building society into which it shall pay all moneys received by it and out of which shall be paid all expenditure incurred by it.

(2) Subject to subsection (3), moneys of a corporation may be invested—

(a) in such manner as trust funds may be invested under the Trustee Act 1957 ; or

(b) in such other manner as is authorised by a special resolution.

(3) Moneys of a corporation shall not be invested in mortgages of land.

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