New South Wales Consolidated Acts

NEW SOUTH WALES INSTITUTE OF PSYCHIATRY ACT 1964 - SECT 16

16 New South Wales Institute of Psychiatry Account

(1) The Institute shall, as soon as practicable after the commencement of this Act, establish an Account to be called “The New South Wales Institute of Psychiatry Account”.

(2) There shall be placed to the credit of the Account:

(a) any moneys appropriated by Parliament for the purposes of this Act,

(b) except as provided by subsection (7), any moneys received by the Institute from any other source for any of the objects of the Institute.

(3) The moneys in the Account may, subject to the terms of any trust or condition affecting those moneys or any part thereof and the provisions of subsection (10), be applied:

(a) for the purpose of carrying out or giving effect to all or any of the objects of the Institute,

(b) without limiting the generality of paragraph (a), in making grants:

(i) to institutions, hospitals, departments or other bodies or to individuals for, or for the encouragement of, research or investigation into the causation, prevention, diagnosis or treatment of mental illnesses or disorders,

(ii) to institutions, hospitals, departments or other bodies for carrying out, or for the encouragement of, any training or education which the Institute itself is entitled to provide or promote, and

(c) in meeting the costs of administration of this Act.

(4) Any moneys in the Account that are not immediately required for the purposes of this Act may, subject to the terms of any trust or condition affecting those moneys or any part thereof, be invested in any manner in which trustees are for the time being authorised to invest trust funds.

(5) The Institute may establish an account to be known as the “House Account” into which the Institute may, in accordance with subsection (3) (c), pay out of the Account such moneys as the Institute considers necessary to meet any of the ordinary costs of administration of the Institute.

(6) The Institute may establish such other accounts as it deems necessary for the purpose of maintaining, separate from the Account, accounts relating to property acquired by the Institute for any of the purposes of this Act on trust or subject to conditions affecting that property to which the Institute has agreed as referred to in section 18.

(7) There shall be placed to the credit of an account established under subsection (6) such moneys as are received by the Institute in respect of the property to which the account relates.

(8) Where, prior to the commencement of the New South Wales Institute of Psychiatry (Amendment) Act 1971 , any moneys in the Account were received by the Institute in respect of property acquired by the Institute on trust or subject to any condition affecting that property to which the Institute has agreed as referred to in section 18, the moneys may, in lieu of being retained in the Account, be carried to a separate account established under subsection (6).

(9) Subject to subsection (11), the moneys in an account established under subsection (6) shall be applied in accordance with the trust or condition affecting the property to which such moneys relate.

(10) Any moneys in the Account not subject to a trust or a condition as referred to in section 18 may be placed to the credit of any account established under subsection (6).

(11) The Institute may transfer any moneys placed to the credit of an account in accordance with subsection (10) from such account to the Account or any other account established under subsection (6).

(12) The Institute may, subject to the terms of any trust or condition affecting the property to which the account established under subsection (6) relates, invest any moneys in such an account in any manner in which trustees are for the time being authorised to invest trust funds.

(13) Property that is subject to a trust by reason only of the provisions of section 17 shall be deemed not to be subject to a trust for the purposes of this section.