New South Wales Consolidated Acts

PUBLIC FINANCE AND AUDIT ACT 1983 - SECT 16

16 Accounts to be kept in banks, building societies or credit unions

(1) Authorities may open such accounts in such banks, building societies and credit unions and on such terms as the Treasurer determines for the banking of public money.

(2) Money of authorities that is in such accounts with a bank, building society or credit union is, if the accounts are accounts of the kind referred to in section 5 (1), subject to any arrangement between the bank, building society or credit union and the Treasurer under which the bank, building society or credit union is authorised to set off, in accordance with the agreement, the credit and debit balances in the accounts. This subsection applies despite any Act or law.