Queensland Consolidated Acts

STATUTORY BODIES FINANCIAL ARRANGEMENTS ACT 1982 - SECT 31

31 General banking powers for day-to-day operations

(1) A statutory body may, to the extent necessary or convenient for its day-to-day operations, operate a deposit and withdrawal account with a financial institution, other than an account with an overdraft facility.

Example of a deposit and withdrawal account necessary or convenient for a statutory body’s day-to-day operations—

A statutory body may have a deposit and withdrawal account with a cheque book facility. It may be necessary or convenient for the statutory body’s day-to-day operations to use the facility and pay for items by drawing a cheque.

(2) However, with the Treasurer’s approval, the account may be operated with an overdraft facility.

(3) The account must be operated in Australian money.