Common use of Management of Funds Clause in Contracts

Management of Funds. The Recipient must: ensure that the Funds are held in an account in the Recipient’s name and which the Recipient solely controls, with a deposit-taking institution authorised under the Banking Xxx 0000 (Cth) to carry on banking business in Australia; if specified in Item 3.3 of the Project Particulars, ensure that the account referred to in clause 5.5(a) is: established solely for the purposes of this Agreement; and separate from the Recipient’s other operational accounts; and identify the receipt and expenditure of the Funds separately within the Recipient’s accounts and records so that the Funds are identifiable at all times.

Management of Funds. The Recipient must: ensure that the Funds are held in an account in the Recipient’s name and which the Recipient solely controls, with a deposit-taking institution authorised under the Banking Xxx 0000 Act 1959 (Cth) to carry on banking business in Australia; if specified in Item 3.3 of the Project Particulars, ensure that the account referred to in clause 5.5(a) is: established solely for the purposes of this Agreement; and separate from the Recipient’s other operational accounts; and identify the receipt and expenditure of the Funds separately within the Recipient’s accounts and records so that the Funds are identifiable at all times.

Management of Funds. The Recipient must: ensure that the Funds are held in an account in the Recipient’s name and which the Recipient solely controls, with a deposit-taking institution authorised under the Banking Xxx 0000 (Cth) to carry on banking business in Australia; if specified in Item 3.3 of the Project Activity Particulars, ensure that the account referred to in clause 5.5(a5.6(a) is: established solely for the purposes of this Agreement; and separate from the Recipient’s other operational accounts; and identify the receipt and expenditure of the Funds separately within the Recipient’s accounts and records so that the Funds are identifiable at all times; and ensure that in any subcontract with Research Organisations that the same requirements under this clause 5.6 apply.