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Questions and Answers
What is the purpose of the Local Authority Fund?
What is the purpose of the Local Authority Fund?
- To deposit funds received by local authorities (correct)
- To open a current account for local authorities
- To control the property of local authorities
- To invest funds received by local authorities
Where should local authorities deposit the funds received in relation to the Local Authority Fund?
Where should local authorities deposit the funds received in relation to the Local Authority Fund?
- In a current account with a licensed bank (correct)
- In a new fund called the Local Authority Fund
- In any securities authorized by the Minister of Finance
- In any manner authorized by the trustee
What can the funds in the Local Authority Fund be used for?
What can the funds in the Local Authority Fund be used for?
- To invest in any securities
- To open a current account for local authorities (correct)
- To control the property of local authorities
- To deposit funds received by local authorities
What is the relationship between the Local Authority Fund and the funds transferred to local authorities?
What is the relationship between the Local Authority Fund and the funds transferred to local authorities?
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What is the authority of the local authority over the property vested in them?
What is the authority of the local authority over the property vested in them?
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