Local Government: Municipal Finance Management Act, 2003 (Act No. 56 of 2003)Chapter 3 : Municipal RevenuePart 1 : Municipal bank accounts7. Opening of bank accounts |
| (1) | Every municipality must open and maintain at least one bank account in the name of the municipality. |
| (2) | All money received by a municipality must be paid into its bank account or accounts, and this must be done promptly and in accordance with this Chapter and any requirements that may be prescribed. |
| (3) | A municipality may not open a bank account— |
| (a) | abroad; |
| (b) | with an institution not registered as a bank in terms of the Banks Act, 1990 (Act No. 94 of 1990): or |
| (c) | otherwise than in the name of the municipality. |
| (4) | Money may be withdrawn from a municipal bank account only in terms of section 11(1). |