Cap. 455 Art. 31Deposit of revenues and payment by SportMalta.

(1) All monies accruing to SportMalta shall be paid into a bank or banks appointed as bankers of SportMalta by a resolution of SportMalta. Such monies shall, as far as practicable, be paid into any such banks from day to day, except for such sum as SportMalta may authorise to be retained to meet petty disbursements and immediate cash payments.

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

(3) Cheques against and withdrawals from any bank account of SportMalta shall be signed by such officer of SportMalta as may be appointed or designated by SportMalta for that purpose and shall be countersigned by the Chairperson, or such other member or officer of SportMalta as may be authorised by SportMalta for that purpose.

(4) SportMalta 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 monies of SportMalta 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 SportMalta and generally with respect to any matter which is relevant to the proper keeping and control of the accounts and books, and the control of the finance, of SportMalta.