Co-operatives National Regulation (Queensland)
sch.7-sec.64Accounts
Start here
Get a plain-English read of sch.7-sec.64
Turn the raw legal text into a practical explanation grounded in Co-operatives National Regulation (Queensland).
sch.7-sec.64 Accounts
The board must have at least one financial institution account, electronic or otherwise, in the name of the co-operative, into which all amounts received by the co-operative must be paid as soon as possible after receipt. All cheques drawn on the accounts, and all drafts, bills of exchange, promissory notes and other negotiable instruments, of the co-operative must be signed by 2 authorised persons. The operation of any electronic accounts must be restricted so that there is a requirement for authorisation by 2 authorised persons. For the purposes of this rule, an authorised person is: a director; or a person approved by the board. (sch.7-sec.64-ssec.1) The board must have at least one financial institution account, electronic or otherwise, in the name of the co-operative, into which all amounts received by the co-operative must be paid as soon as possible after receipt. (sch.7-sec.64-ssec.2) All cheques drawn on the accounts, and all drafts, bills of exchange, promissory notes and other negotiable instruments, of the co-operative must be signed by 2 authorised persons. (sch.7-sec.64-ssec.3) The operation of any electronic accounts must be restricted so that there is a requirement for authorisation by 2 authorised persons. (sch.7-sec.64-ssec.4) For the purposes of this rule, an authorised person is: a director; or a person approved by the board.
- (a) a director; or
- (b) a person approved by the board.