Cap. 545 Art. 29Deposit of revenues and payments by the Regulator.

(1) All monies accruing to the Regulator shall be paid into a bank or banks appointed as bankers of the Regulator by a resolution of the Regulator. Such monies shall, as far as practicable, be paid into any such banks from day to day, except such sum as the Regulator may authorise to be retained to meet petty disbursements and immediate cash payments.

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

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

(4) The Regulator shall also make provision with respect to -

(a) the manner in which and the officer or officers by whom payments are to be authorised or approved;

(b) the title of any account held with the bank or banks into which the monies of the Regulator are to be paid, and the transfer of funds from one account to the other;

(c) the method to be adopted in making payments out of funds of the Regulator;

and generally with respect to any matter which is relevant to the proper keeping and control of the accounts and books, and the control of the finance, of the Regulator.