Common use of Management of Funds Clause in Contracts

Management of Funds. (a) The Recipient must: (i) 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 Act 1959 (Cth) to carry on banking business in Australia; and (ii) identify the receipt and expenditure of the Funds separately and any interest accrued on the Funds within the Recipient’s accounts and records so that the Funds are identifiable at all times. (b) Notwithstanding clause 27(a)(i), the Department may, following the Commencement Date and by written notice, require the Recipient to ensure that the account referred to in clause 27(a)(i) is: (i) established solely for the purposes of this Agreement; and (ii) separate from the Recipient’s other operational accounts.

Management of Funds. (a) The Recipient must: (i) 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 Act 1959 (Cth) to carry on banking business in Australia; and (ii) identify the receipt and expenditure of the Funds separately and any interest accrued on the Funds within the Recipient’s accounts and records so that the Funds are identifiable at all times. (b) Notwithstanding clause 27(a)(i26(a)(i), the Department may, following the Commencement Date and by written notice, require the Recipient to ensure that the account referred to in clause 27(a)(i26(a)(i) is: (i) established solely for the purposes of this Agreement; and (ii) separate from the Recipient’s other operational accounts.