(1) The monies referred to in section 48 are to be placed to the credit of an account to be known as the }Name of College Trust Fund~ (referred to in this Division as a }college Trust Fund~) which is to be maintained at ¾

(a) the Treasury and form part of the Trust Fund referred to in section 9 of the Financial Administration and Audit Act 1985; or

(b) with the approval of the Treasurer, at a bank.

(2) There is to be maintained within a college Trust Fund ¾

(a) a general account through which the monies referred to in section 48(a) are to be accounted for; and

(b) a commercial account through which the monies referred to in section 48(b) and (c) are to be accounted for.