Patriotic fund money is trust money. It must not be combined with other accounts and must be readily identifiable.
All money received by or on behalf of the trustees of a patriotic fund must be paid into a separate account in an authorised deposit-taking institution. This account must be:
- in the name of the patriotic fund, or in the name of the trustees as trustees of the patriotic fund
- operated by two people appointed by the trustees. Their details must be sent to the Director, Consumer Affairs Victoria.
By law, money received by or on behalf of the trustees must be paid into the account within seven days. This time limit is stated in the Veterans (Patriotic Funds) Regulations 2008.