(1) The funds of any administering body shall consist of all money received by it under or by virtue of this Act or in any other manner whatever in respect of the reserve or reserves or other land under its control as such.
(2) Except as provided in section 68(1) all such money shall, within 7 days after receipt thereof by the Treasurer or other proper officer of the administering body, be paid into such bank as the administering body from time to time appoints to an account to be called
“The [name of administering body] Account”:
provided that where a local authority is the administering body for more than 1 reserve, it shall not be necessary to establish a separate bank account in respect of each reserve, but the local authority may, if it thinks fit, establish a bank account to be called
“The Reserves Account” into which all money received in respect of all the reserves administered by it shall be paid:
provided also that where the administering body is a local authority to which regulations made pursuant to section 223 of the Local Government Act 1974 apply, the administering body shall comply with the provisions of those regulations relating to the banking of money.
(3) No money shall be withdrawn from the bank except by authority of the administering body, and any cheque or other withdrawal notice shall be signed by the Treasurer or other officer of the administering body appointed for the purpose and countersigned by either a member or an officer of the administering body authorised by the administering body from time to time to do so.
(4) Notwithstanding the provisions of subsections (2) and (3), where a local authority is an administering body appointed under section 28, the local authority as that administering body may pay all such money into the general bank account of the local authority and any such money may be withdrawn from the bank account in such manner as the local authority may lawfully authorise.
(5) Subject to the terms of any trust, any money of an administering body which is not immediately required for expenditure by the administering body may be invested in any manner in which trustees are for the time being authorised to invest trust funds or on deposit with the National Provident Fund.
Compare: 1953 No 69 ss 70, 71; 1963 No 112 s 3
Section 79(2): amended, on 17 December 1985, by section 2(2) of the Reserves Amendment Act 1985 (1985 No 188).