Cap. 601 Art. 23Arrangement with bank.

(1) The Minister may make arrangements with any bank or banks upon such terms and conditions as are appropriate for the receipt, custody and payment of public moneys and their transmission to and from Malta, and for any advances which may be made under the authority of this Act or of any other law, for the charges in respect thereof, and for the interest payable by or to the bank or banks upon balances or advances respectively and generally for the conduct of the banking business of the Government.

(2) No accounting officer shall open a public or official account in any bank except as authorised by this Act or by any regulations made thereunder, without the authority in writing of the Minister, and the Government shall not be held liable for any overdraft on any such account unless it be authorised by the Minister.

(3) The Minister’s authority may be delegated to an accounting officer, not below the position of Director General, to open any public or official account in any bank in accordance with sub-article (2).

(4) Bank accounts will be managed and reconciled in accordance with the procedures specified by the financial management regulations made under this Act.