Section 19
Bank accounts and application of moneys
of Building and Construction Authority Act 1999
ActIn forceProvision 19 of 56
Section 19
(1)
The Authority must open and maintain an account or accounts with such bank or banks as the Authority thinks fit and every such account must be operated by such person or persons authorised to do so by the Authority.
(2)
The moneys of the Authority must be applied only in payment or discharge of the expenses, obligations and liabilities of the Authority and in making any payments that the Authority is authorised or required to make.
(3)
The Authority may invest its moneys in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965.[20