45Account

45 Account

(1) All money received by, or on behalf of, the trustees of any patriotic fund must, within the prescribed time, be paid into an authorised deposit-taking institution as determined by the trustees to the credit of an account to be called "The (distinctive name of fund) Patriotic Fund Account" or of an account to be kept in the names of the trustees as trustees of the patriotic fund.

(2) An account under subsection (1) must be operated by 2 persons appointed by the trustees of the patriotic fund.

(3) As soon as practicable after appointing the persons referred to in subsection (2), the trustees must notify the Director in writing of the names of each of the persons appointed.

(4) The persons appointed under subsection (2) to operate an account must give the trustees the financial statements and other information connected with the operation of the account at the intervals that the trustees require.

(5) A person in receipt of money belonging to a patriotic fund who fails to pay that money into the proper account within the prescribed time is liable for every day during which that failure continues, in the case of a natural person, to a penalty of not more than 60 penalty units and in the case of a corporation, to a penalty of not more than 120 penalty units.