Subject to the provisions of section 56 of the Local Authorities Loans Act 1956, all money belonging to the Board shall be paid into such bank as the Board from time to time appoints, to an account to be called the Power Fund Account.

Subject to the provisions of this section, no money shall be drawn out of the Power Fund Account except pursuant to a resolution of the Board; and all money shall be paid by the Board in cash, or by cheque signed by any member of the Board authorised by the Board to sign cheques and countersigned by the Treasurer or any other person authorised in that behalf by the Board:

“Provided that it shall be lawful to make payments between meetings of the Board without a prior resolution of the Board.

At each ordinary meeting of the Board there shall be submitted for its approval a list of all payments made under subsection (2) of this section without a prior resolution of the Board since the last preceding ordinary meeting of the Board.

Notwithstanding the provisions of subsection (2) of this section, it shall be lawful for the Board, with the prior consent in writing of the Audit Office (which consent may be general or specific) and subject to such conditions as the Audit Office prescribes, to pay any money by cheque issued by means of a cheque-writing machine, and every cheque issued by means of such a machine and bearing the facsimile of the signature of the Treasurer or of the Treasurer and such other person as the Board may by resolution authorise in that behalf shall be deemed to have been duly signed and counter-signed in accordance with this section.”

The Board may, in any case where it is deemed advisable that any sum of money at credit of any account (other than a separate account for a loan) should be placed on deposit at interest, deposit that sum of money with any bank approved by the Board, or, with the consent of the Governor-General in Council, may deposit that sum with any local authority or public body entitled by law to receive money on deposit.”

If any land taken under this Act or otherwise acquired by the Board or any building erected on any such land are not required for the purposes of the Board, the Board may—

Every order, notice, or other such document requiring authentication by the Board may, unless otherwise provided, be signed by any two members of the Board or by an officer of the Board authorised by the Board in that behalf, and need not be under seal.”