Commonwealth Consolidated Acts

AUSTRALIAN SPORTS COMMISSION ACT 1989 - SECT 52

             (1)  The Commission shall ensure that any money received or held by the Commission on trust is paid into an account, or more than one account, maintained under subsection 18(2) of the Commonwealth Authorities and Companies Act 1997 that does not contain any money of the Commission not held on trust.

             (2)  Despite section 45:

                     (a)  money or other property held by the Commission on trust shall be applied or dealt with only in accordance with the powers and duties of the Commission as trustee; and

                     (b)  money held by the Commission on trust may be invested:

                              (i)  in any manner in which the Commission is authorised to invest that money by the terms of the trust; or

                             (ii)  in any manner in which trust money may, for the time being, be invested under law;

                            but not otherwise.