Commonwealth Numbered Acts

COMMONWEALTH AUTHORITIES AND COMPANIES ACT 1997 No. 153 of 1997 - SECT 18

(1) This section applies to a Commonwealth authority that is not a GBE or SMA.

(2) The authority must pay all money received by it into an account maintained
by it with a bank.

(3) The authority may invest surplus money:

   (a)  on deposit with a bank; or

   (b)  in securities of the Commonwealth or of a State or Territory; or

   (c)  in securities guaranteed by the Commonwealth, a State or a Territory;
        or

   (d)  in any other manner approved by the Treasurer.

(4) A provision in the authority's incorporating law to the effect that the
authority must not enter into a contract involving the expenditure or payment
of more than a specified amount of money without the approval of a specified
person does not apply to a contract for the investment of money under
subsection (3), unless the provision expressly states that it applies to such
a contract.

(5) In this section:
surplus money means money of the authority that is not immediately required
for the purposes of the authority.