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SCHOOL EDUCATION ACT 1999 - SECT 113

SCHOOL EDUCATION ACT 1999 - SECT 113

113 .         Bank account for school funds

        (1)         Moneys forming part of a school fund are to be paid into an account at a bank approved by the chief executive officer.

        (2)         A government school is to have only one such bank account for each school fund except to the extent that the chief executive officer approves otherwise.

        (3)         The bank account or accounts may only be operated jointly by —

            (a)         the principal; and

            (b)         one or more office-holders, or persons belonging to a class, designated under subsection (4).

        (4)         The chief executive officer is to designate for each government school the office-holders or class of persons who may act under subsection (3)(b).

        (5)         In this section —

        bank means —

            (a)         an ADI (authorised deposit-taking institution) as defined in section 5 of the Banking Act 1959 of the Commonwealth; or

            (b)         a bank constituted by a law of a State, a Territory or the Commonwealth.

        [Section 113 amended: No. 74 of 2003 s. 107(3).]