Commonwealth Consolidated Acts

COMMONWEALTH AUTHORITIES AND COMPANIES ACT 1997 - SECT 19

             (1)  This section applies to a Commonwealth authority that is 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 any 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 that is consistent with sound commercial practice.

             (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.

             (5)  In this section:

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