You need to put money belonging to the trust board into a bank account within 7 days of receiving it. The trust board chooses which bank to use. The board decides who can sign cheques to take money out of the bank account. You can only take money out of the bank account if the trust board says it is okay. At least two people must sign the cheque to take money out. The trust board chooses these people.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM394315.
All money belonging to the trust board shall, within 7 days after it has been received by the proper officer of the board, be paid into the account of the board at such bank as the board from time to time appoints.
No money shall be withdrawn from the bank except by authority of the trust board and by cheque signed and countersigned by at least 2 persons whom the board from time to time appoints for that purpose.
