Western Australian Consolidated Acts

FINANCIAL MANAGEMENT ACT 2006 - SECT 11

11 .         Public Bank Account

        (1)         The account called the Public Bank Account that —

            (a)         was opened and maintained by the Treasurer under the Financial Administration and Audit Act 1985   ² in the name of the Government of Western Australia; and

            (b)         was in existence immediately before the commencement of this section,

                constitutes the Public Bank Account for the purposes of this Act.

        (2)         The Public Bank Account is to be operated on the terms and conditions agreed between the Treasurer and the bank or banks with which it is maintained and under the subdivisions determined by the Treasurer —

            (a)         for the receipt, custody, payment and transmission of money; and

            (b)         for advances to be made and for charges in respect of advances; and

            (c)         for interest to be payable by the bank or banks on balances and to the bank or banks on advances; and

            (d)         for the conduct generally of the banking business of the State.