68Owners corporation must have bank account

68 Owners corporation must have bank account (1) An owners corporation for a units plan must— (a) open and maintain an account with 1 or more authorised deposit- taking institutions; and (b) pay all amounts it receives into the account; and (c) pay all amounts it spends out of the account. Note 1 An authorised deposit-taking institution is an institution (eg a bank, credit union or building society) that is authorised under the Banking Act 1959 (Cwlth), s 9 (3) (see Legislation Act, dict, pt 1). Note 2 An owners corporation may open and maintain more than 1 account. Words in the singular number include the plural (see Legislation Act, s 145 (b)). (2) An owners corporation for a units plan with only 2 or 3 units may, by unopposed resolution, exempt itself from subsection (1).