(1) The money of a school representative body consists of:
(a) for a school representative body other than a joint school representative body – money allocated by the Agency to the Government school in respect of which the body is established; and
(b) money raised under section 107(1)(l); and
(c) money granted under section 109.
(2) The Regulations may provide for:
(a) the opening and operation of bank accounts by a school representative body; and
(b) the purposes for which money in a bank account may be used; and
(c) the auditing of the accounts of a school representative body; and
(d) the ownership of materials or other property purchased by a school representative body.