Cap. 605 Art. 57Deposit of revenues and payments by the entity.

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

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

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

(4) The entity 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 the entity 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 entity; and

(d) 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 the entity.