(1) A local government is to maintain a separate account with a bank or other financial institution for each of the following purposes ¾

(a) money required to be held in the municipal fund (other than money for which an account is to be established under paragraph (c), (d) or (e));

(b) money required to be held in the trust fund;

(c) money required to be held in reserve accounts;

(d) major land transactions which, at the time they are entered into, the local government expects will not be completed within the next 12 months; and

(e) major trading undertakings which, at the time they are entered into, the local government expects will not be completed within the next 12 months.

(2) Money related to a purpose set forth in subregulation (1) is to be banked in the account maintained for that purpose.

(3) Money from different accounts may be placed in a common investment authorized by the Act.

[Regulation 8 amended in Gazette 20 June 1997 p.2838.]