Gambling Act 2003

Institutions - New Zealand Lottery Grants Board - Financial provisions relating to Board and distribution committees

286: Bank accounts

You could also call this:

"The law lets the Secretary open bank accounts to manage money, with some rules to follow."

The Secretary can open one or more bank accounts for the purposes of this part of the law and subpart 2. You need to know that the Secretary gets to choose the names of these accounts. The Secretary can authorise two officers from the Department to operate these accounts. The accounts can be used, but cash cannot be withdrawn from them. The Secretary and the Department officers have to follow these rules when dealing with the bank accounts.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM210209.


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"The Secretary can act like a company for some things, like buying property and signing important documents."


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287: Investment of money, or

"Using lottery profits to make more money by investing them safely"

Part 3Institutions
New Zealand Lottery Grants Board: Financial provisions relating to Board and distribution committees

286Bank accounts

  1. For the purposes of this subpart and subpart 2, the Secretary may open at any bank 1 or more accounts under the names that the Secretary thinks fit.

  2. The accounts may be operated by any 2 officers of the Department who are authorised by the Secretary for the purpose.

  3. Cash may not be withdrawn from an account referred to in subsections (1) and (2).

Compare
  • 1977 No 84 s 116U
Notes
  • Section 286(2): amended, on , by section 4(1) of the Gambling Amendment Act 2013 (2013 No 118).
  • Section 286(3): inserted, on , by section 4(2) of the Gambling Amendment Act 2013 (2013 No 118).