sec.25Cash surety account

sec.25 Cash surety account

The scheme manager must keep a separate bank account (a cash surety account ) with a financial institution for the management of cash amounts paid as surety for an authority or small scale mining tenure. Accounts for the cash surety account must be kept as part of the departmental accounts of the department. The scheme manager must pay into the cash surety account a cash amount paid as surety for an authority or small scale mining tenure. The scheme manager may make payments from the cash surety account only for— giving an amount to a requesting entity under section 68 (b) ; or depositing an amount of interest earned on the account into the scheme fund; or releasing a surety under section 58 . The scheme manager may invest an amount in the cash surety account only in— deposits with a financial institution; or investment arrangements mentioned in the Statutory Bodies Financial Arrangements Act 1982 , section 44 (1) (d) . An investment mentioned in subsection (5) must be— at call; or for a fixed time of not more than 1 year. (sec.25-ssec.1) The scheme manager must keep a separate bank account (a cash surety account ) with a financial institution for the management of cash amounts paid as surety for an authority or small scale mining tenure. (sec.25-ssec.2) Accounts for the cash surety account must be kept as part of the departmental accounts of the department. (sec.25-ssec.3) The scheme manager must pay into the cash surety account a cash amount paid as surety for an authority or small scale mining tenure. (sec.25-ssec.4) The scheme manager may make payments from the cash surety account only for— giving an amount to a requesting entity under section 68 (b) ; or depositing an amount of interest earned on the account into the scheme fund; or releasing a surety under section 58 . (sec.25-ssec.5) The scheme manager may invest an amount in the cash surety account only in— deposits with a financial institution; or investment arrangements mentioned in the Statutory Bodies Financial Arrangements Act 1982 , section 44 (1) (d) . (sec.25-ssec.6) An investment mentioned in subsection (5) must be— at call; or for a fixed time of not more than 1 year.

• (a) giving an amount to a requesting entity under section 68 (b) ; or
• (b) depositing an amount of interest earned on the account into the scheme fund; or
• (c) releasing a surety under section 58 .
• (a) deposits with a financial institution; or
• (b) investment arrangements mentioned in the Statutory Bodies Financial Arrangements Act 1982 , section 44 (1) (d) .
• (a) at call; or
• (b) for a fixed time of not more than 1 year.