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Local Government: Municipal Finance Management Act, 2003 (Act No. 56 of 2003)

Chapter 3 : Municipal Revenue

Part 1 : Municipal bank accounts

7. Opening of bank accounts


(1) Every municipality must open and maintain at least one bank account in the name of the municipality.


(2) All money received by a municipality must be paid into its bank account or accounts, and this must be done promptly and in accordance with this Chapter and any requirements that may be prescribed.


(3) A municipality 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): or
(c) otherwise than in the name of the municipality.


(4) Money may be withdrawn from a municipal bank account only in terms of section 11(1).