Commonwealth Consolidated Acts

COMMONWEALTH AUTHORITIES AND COMPANIES ACT 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 Finance Minister.

             (4)  A provision in the authority's enabling legislation 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.

          (4A)  The Finance Minister may, by written instrument, delegate any of the Finance Minister's powers or functions under this section to an official (within the meaning of the Financial Management and Accountability Act 1997 ). In exercising powers or functions under a delegation, the official must comply with any directions of the Finance Minister.

             (5)  In this section:

"surplus money" means money of the authority that is not immediately required for the purposes of the authority.