sec.8Status of general banking powers under pt 4

### sec.8 Status of general banking powers under pt 4 A statutory body’s powers under part 4 — are additional to— its powers under the other parts of this Act; and its powers under its authorising Act or another Act to operate a basic institutional account; and do not affect its express powers under its authorising Act or another Act to operate an overdraft institutional account. However, if there is no express power to operate an overdraft institutional account in the body’s authorising Act or another Act, its powers to operate an overdraft institutional account are limited to the powers under this Act even though, for example, its authorising Act or another Act states the body has— the powers of a body corporate or individual; or the power generally to enter into contracts; or the power to do all things necessary or convenient for, or in connection with, the performance of its functions. In this section— basic institutional account means a deposit and withdrawal account with a financial institution without an overdraft facility. overdraft institutional account means a deposit and withdrawal account with a financial institution with an overdraft facility. s 8 prev s 8 om 1988 No. 55 s 8 pres s 8 ins 1996 No. 54 s 5 sub 1997 No. 57 s 32 (sec.8-ssec.1) A statutory body’s powers under part 4 — are additional to— its powers under the other parts of this Act; and its powers under its authorising Act or another Act to operate a basic institutional account; and do not affect its express powers under its authorising Act or another Act to operate an overdraft institutional account. (sec.8-ssec.2) However, if there is no express power to operate an overdraft institutional account in the body’s authorising Act or another Act, its powers to operate an overdraft institutional account are limited to the powers under this Act even though, for example, its authorising Act or another Act states the body has— the powers of a body corporate or individual; or the power generally to enter into contracts; or the power to do all things necessary or convenient for, or in connection with, the performance of its functions. (sec.8-ssec.3) In this section— basic institutional account means a deposit and withdrawal account with a financial institution without an overdraft facility. overdraft institutional account means a deposit and withdrawal account with a financial institution with an overdraft facility. - (a) are additional to— (i) its powers under the other parts of this Act; and (ii) its powers under its authorising Act or another Act to operate a basic institutional account; and - (i) its powers under the other parts of this Act; and - (ii) its powers under its authorising Act or another Act to operate a basic institutional account; and - (b) do not affect its express powers under its authorising Act or another Act to operate an overdraft institutional account. - (i) its powers under the other parts of this Act; and - (ii) its powers under its authorising Act or another Act to operate a basic institutional account; and - (a) the powers of a body corporate or individual; or - (b) the power generally to enter into contracts; or - (c) the power to do all things necessary or convenient for, or in connection with, the performance of its functions.