Section 55Part 6 — Financial Secretary and chief officer of Finance
Executive bank account
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There shall be an executive bank account, which shall consist of —
a main executive bank account or accounts which shall be operated by the chief officer of finance; and
such subsidiary executive bank accounts as the chief officer of finance shall determine and which may be operated by a ministry, a portfolio, the Office of the Ombudsman or the Audit Office in accordance with a written delegation from the chief officer of finance.
Money received or paid in respect of executive financial transactions shall be paid into or out of the executive bank account.
Trust assets consisting of money, and money received or paid in respect of entity financial transactions, may not be paid into or out of the executive bank account.
The executive bank account shall be operated —
as part of the centralised banking system but separately from the bank accounts of ministries, portfolios, the Office of the Ombudsman and the Audit Office; and
at such bank, whether within or outside the Islands, and on such terms and conditions, as the Financial Secretary may approve.
Defined Terms
executive bank accountexecutive financial transactionsentity financial transactions