Development Planning Act (Cap. 552), article 26

26. (1) All monies accruing to the Authority shall be paid into a bank or banks appointed as bankers of the Authority by a resolution of the Authority. Such monies shall, as far as practicable, be paid into any such bank from day to day, except such sum as the Authority may authorise to be retained to meet petty disburseme nts and immediate cash payments. (2) All payments out of the funds of the Authority, other than petty disbursements not exceeding a sum fixed by the Authority, shall be made by such officer or officers of the Authority as the Authority shall appoint or designate for that purpose. (3) Cheques against and withdrawals from any bank account of the Authority shall be signed by such officer of the Authority as may be appointed or designated by the Authority for that purpos e and shall be countersigned by the Executive Chairperson or such other member or officer of the Authority as may be authorised by the Authority for that purpose. (4) The Authority shall also make provision with respect to: (a) the manner in which and the officer or officers by whom payments are to be authorised or approved; (b) the title of any account held with the bank or banks DEVELOPMENT PLANNING [CAP. 552. 17 into which the monies of the Authority are to be paid, and the transfer of funds from one account to the other; (c) the method to be adopted in making payments out of funds of the Authority, and generally with respect to any matter which is relevant to the proper keeping and control of the accounts and books, and the control of the finances, of the Authority. Contracts of supply or works.