(1) Except as provided by or under a written law, all the following money –
(a) public money;
(b) trust money;
(c) other money within the meaning of this Act,
is to be kept at a bank approved by the Minister pending its withdrawal (including withdrawal for use or investment).
(2) The Minister may do any or all of the following -
(a) open bank accounts for a budget sector agency;
(b) operate bank accounts for a budget sector agency;
(c) make and amend arrangements with the bank concerned for the efficient management of a budget sector agency’s bank accounts.
(Financial Management Act 2004 s(54))