Local Government: Municipal Finance Management Act, 2003 (Act No. 56 of 2003)Chapter 10 : Municipal EntitiesPart 2 : Financial governance85. Bank accounts |
| (1) | A municipal entity must open and maintain at least one bank account in the name of the entity. |
| (2) | All money received by a municipal entity must be paid into its bank account or accounts, and this must be done promptly and in accordance with any requirements that may be prescribed. |
| (3) | A municipal entity 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); |
| (c) | otherwise than in the name of the entity; and |
| (d) | without the approval of its board of directors. |
| (4) | Money may be withdrawn from a municipal entity’s bank account only in accordance with requirements that may be prescribed. |
| (5) | The accounting officer of a municipal entity— |
| (a) | Must administer all the entity’s bank accounts; |
| (b) | is accountable to the board of directors of the entity for the entity’s bank accounts; and |
| (c) | must enforce any requirements that may be prescribed in terms of subsection (4). |