New South Wales Consolidated Acts

BAPTIST CHURCHES OF NEW SOUTH WALES PROPERTY TRUST ACT 1984 - SECT 24

24 Allocation of income received on investments made from common fund

(1) The Trust may charge, at the rate fixed for the time being by the Executive Committee, an annual management commission in respect of income received by the Trust in the course of its administration of the common fund or of any particular investment.

(2) Income received from the investment of money forming part of the common fund shall be part of that fund and shall be credited to an account to be called the “Income Suspense Account” and shall be allocated therefrom, after deduction of the management commission charged under subsection (1), ratably between the accounts of the particular trusts for which the money so invested is held, and any loss arising from any such investment shall be debited to the Income Suspense Account and shall also be allocated between those accounts ratably.

(3) Subject to subsection (2), any capital appreciation, profit, income or remuneration (which is not on the account of any particular trust) and any commission or other remuneration earned by the Trust as executor, administrator or trustee, belongs to the Trust.