Cap. 355 Art. 30Cash deposits and payments.

(1) All moneys of the Corporation accruing from any operations under this Act shall be paid into a bank or banks appointed by resolution of the Board. Such money shall as far as practicable, be paid into that bank from day to day, except for such sum as the Board may authorise to be retained to meet petty disbursements and immediate payments.

(2) All payments out of the funds of the Corporation, except petty disbursements not exceeding a sum to be fixed by the Board, shall be made by such officer or officers of the Corporation as the Board shall appoint or designate for that purpose.

(3) Cheques against or withdrawals from any bank account of the Corporation shall be signed by such officer of the Corporation as may be designated by the Board for that purpose and shall be countersigned by the Chairman or such other member of the Board or other officer of the Corporation as may have been authorised by the Board for that purpose.

(4) The Corporation shall also provide for all matters necessary for the proper keeping and control of its accounts and books and for control of its finances.