(1) There is hereby established a fund, to be called the Armed Forces Canteen Fund, which shall consist of—
(2) All money which, if this section had not been passed, would have been payable into the Canteen Fund shall be paid into the Armed Forces Canteen Fund.
(3) All money belonging to the Fund shall be paid into an account at the Reserve Bank of New Zealand or at some other bank in New Zealand, to be called the Armed Forces Canteen Account.
(4) No money shall be paid out of the said Account in distribution of the profits of the Council except pursuant to a resolution of the Council:
Provided that no bank or payee or other person shall be concerned to inquire whether any cheque drawn on the said Account has been authorised by a resolution of the Council.
(5) Money belonging to the Fund may be paid out of the said Account into any one or more subsidiary accounts established from time to time at the discretion of the Council at the Reserve Bank of New Zealand or at such other bank or banks in New Zealand as the Council from time to time appoints or its agents under such appropriate names as the Council may approve or determine.
(6) All cheques drawn on the Armed Forces Canteen Account shall be signed, and all negotiable and other instruments requiring endorsement shall be endorsed, by any 2 of such members of the Council as are nominated for the purpose or by one such member and the General Manager or the Secretary of the Council or other officer of the Council nominated for the purpose:
Provided that cheques for payment into the said Account may be endorsed by any one of such members of the Council as aforesaid or by the General Manager or the Secretary or other officer of the Council nominated for the purpose.
(7) Every subsidiary account may be operated on by such officer or officers of the Council as the Council may from time to time appoint in that behalf, and the Council may from time to time by resolution authorise in general terms the purposes for which that subsidiary account may be used:
Provided that no bank or payee or other person shall be concerned to inquire whether any cheque drawn upon a subsidiary account is within the authority of a resolution of the Council authorising operations upon that account.
(8) The administrative expenses of the Council shall be payable out of the Fund.
Subsection (3) was amended by section 2(1) of 1988 No 175.
Subsection (5) was amended by section 2(2) of 1988 No 175.
In subsection (6) the words in square brackets were inserted in 2 places by section 3(3) of the Armed Forces Canteens Amendment Act 1956.