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

Chapter 3 : Municipal Revenue

Purchase

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(4)	Money may be withdrawn from a municipal bank account only in terms of section 11(1).