Cap. 261 Art. 17Deposit of revenues and payments by the Authority.

(1) All moneys accruing to the Authority shall be paid into a bank or banks appointed as bankers of the Authority by a resolution of the Board. Such moneys shall, as far as practicable, be paid into any such bank from day to day, except such sum as the

Board may authorise to be retained to meet petty disbursements and immediate cash payments.

(2) All payments out of the funds of the Authority, other than petty disbursements not exceeding a sum fixed by the Board, shall be made by such officer or officers of the Authority as the Board shall appoint or designate for that purpose.

(3) Cheques against and withdrawals from any bank account of the Authority shall be signed by such officer of the Authority as may be appointed or designated by the Board for that purpose and shall be countersigned by the Chairman or such other member of the Board as may be authorized by the Board for that purpose.

(4) The Authority shall also make provision with respect to -

(a) the manner in which and the officer or officers by whom payments are to be authorised or approved;

(b) the title of any account held with the bank or banks into which the moneys of the Authority are to be paid, and the transfer of funds from one account to the other;

(c) the method to be adopted in making payments out of funds of the Authority, and generally with respect to any matter which is relevant to the approval of the Minister granted for special reasons and after consultation with the Minister responsible for finance, award or enter into any contract for the supply of goods or materials or for the execution of works, to or for the benefit of the Authority, which is estimated by the Authority to exceed six thousand and nine hundred and eighty-eight euro and twelve cents (6,988.12) in value except after notice of the intention of the Authority to enter into the contract has been published and competitive tenders have been issued.