Victorian Current Acts

MUNICIPAL ASSOCIATION ACT 1907 - SECT 15

    (1)     There shall be paid into the Fund—

        (a)     all money received from authorized depositors;

        (b)     all money borrowed by the Association pursuant to section 19 ;

        (c)     all interest, dividends or other income received on money invested by the Association pursuant to section 18; and

        (d)     all money received by the Association in respect of the repayment of any loan or the proceeds of the sale of any investments pursuant to section 18.

    (2)     The Association may deposit in the Fund any money which it has received under this Act—

        (a)     other than any money referred to in subsection (1); and

        (b)     which is not immediately required for the purposes for which that money was received—

upon the same terms and conditions which would apply to the Association if it was an authorized depositor with a deposit of that value in the Fund.

S. 16
inserted by No. 9866 s. 2(c).