390Application and investment of money

##### 390 Application and investment of money (1) Subject to subsection (2), the money of AUSTEL may only be applied: (a) in payment or discharge of the expenses, charges, obligations or liabilities incurred or undertaken by AUSTEL in or in connection with the performance of its functions or the exercise of its powers; and (b) in payment of any remuneration or allowances payable under this Act; and (c) in making any other payments that are required by this Act to be made out of AUSTEL’s money. (2) Money of AUSTEL that is not immediately required for the purposes of AUSTEL may be invested: (a) on fixed deposit with an approved bank; or (b) in securities of the Commonwealth; or (c) in any other manner approved by the Treasurer. (3) In subsection (2): > approved bank means the Reserve Bank of Australia or a bank approved by the Treasurer for the purposes of this section.