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Reserves Act 1977

Financial provisions

79: Funds of administering bodies

You could also call this:

"Money management for people in charge of reserves"

Illustration for Reserves Act 1977

When you are in charge of a reserve, you get money from different sources. This money is part of the funds of the administering body. The funds include all the money you receive because of the Reserves Act or for any other reason related to the reserve or land you control.

You have to put this money into a bank account within 7 days of getting it, except as provided in section 68(1). The account is called "The [name of administering body] Account". If you are a local authority in charge of more than one reserve, you can put all the money into one account called "The Reserves Account".

You can only take money out of the bank account if the administering body says you can. The person who signs the cheque or withdrawal notice must be the Treasurer or another authorised officer, and it must be countersigned by a member or officer of the administering body. However, if you are a local authority appointed under section 28, you can put the money into your general bank account and take it out as you normally would.

If you do not need the money right away, you can invest it in a way that trustees are allowed to invest trust funds, or you can put it on deposit with the National Provident Fund, as long as it does not go against any trust terms.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM444929.

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Part 4Financial provisions

79Funds of administering bodies

  1. The funds of any administering body shall consist of all money received by it under or by virtue of this Act or in any other manner whatever in respect of the reserve or reserves or other land under its control as such.

  2. Except as provided in section 68(1) all such money shall, within 7 days after receipt thereof by the Treasurer or other proper officer of the administering body, be paid into such bank as the administering body from time to time appoints to an account to be called The [name of administering body] Account:

    provided that where a local authority is the administering body for more than 1 reserve, it shall not be necessary to establish a separate bank account in respect of each reserve, but the local authority may, if it thinks fit, establish a bank account to be called The Reserves Account into which all money received in respect of all the reserves administered by it shall be paid:

    provided also that where the administering body is a local authority to which regulations made pursuant to section 223 of the Local Government Act 1974 apply, the administering body shall comply with the provisions of those regulations relating to the banking of money.

  3. No money shall be withdrawn from the bank except by authority of the administering body, and any cheque or other withdrawal notice shall be signed by the Treasurer or other officer of the administering body appointed for the purpose and countersigned by either a member or an officer of the administering body authorised by the administering body from time to time to do so.

  4. Notwithstanding the provisions of subsections (2) and (3), where a local authority is an administering body appointed under section 28, the local authority as that administering body may pay all such money into the general bank account of the local authority and any such money may be withdrawn from the bank account in such manner as the local authority may lawfully authorise.

  5. Subject to the terms of any trust, any money of an administering body which is not immediately required for expenditure by the administering body may be invested in any manner in which trustees are for the time being authorised to invest trust funds or on deposit with the National Provident Fund.

Compare
  • 1953 No 69 ss 70, 71
  • 1963 No 112 s 3
Notes
  • Section 79(2): amended, on , by section 2(2) of the Reserves Amendment Act 1985 (1985 No 188).