47Application of money by the Council

47 Application of money by the Council

(1) The money of the Council is to be applied only: (a) in payment or discharge of the costs, expenses and other obligations incurred or undertaken by the Council in the performance of its functions and the exercise of its powers; and (b) in payment of any remuneration or allowances payable under this Act.

Note: Subsection (1) is subject to subsection 10(3) (which deals with property held by the Council on trust, or accepted by the Council subject to a condition).

(2) Subsection (1) does not prevent investment, under section 59 of the Public Governance, Performance and Accountability Act 2013, of money that is not immediately required for the purposes of the Council.