sec.31General banking powers for day-to-day operations

### sec.31 General banking powers for day-to-day operations A statutory body may, to the extent necessary or convenient for its day-to-day operations, operate a deposit and withdrawal account with a financial institution, other than an account with an overdraft facility. A statutory body may have a deposit and withdrawal account with a cheque book facility. It may be necessary or convenient for the statutory body’s day-to-day operations to use the facility and pay for items by drawing a cheque. However, with the Treasurer’s approval, the account may be operated with an overdraft facility. The account must be operated in Australian money. s 31 sub 1996 No. 54 s 8 amd 2003 No. 12 s 8 (sec.31-ssec.1) A statutory body may, to the extent necessary or convenient for its day-to-day operations, operate a deposit and withdrawal account with a financial institution, other than an account with an overdraft facility. A statutory body may have a deposit and withdrawal account with a cheque book facility. It may be necessary or convenient for the statutory body’s day-to-day operations to use the facility and pay for items by drawing a cheque. (sec.31-ssec.2) However, with the Treasurer’s approval, the account may be operated with an overdraft facility. (sec.31-ssec.3) The account must be operated in Australian money.