New South Wales Consolidated Acts

NATIONAL TRUST OF AUSTRALIA (NEW SOUTH WALES) ACT 1990 - SECT 23

23 Investment common funds

(1) The Trust may establish one or more investment common funds.

(2) The Trust may from time to time, without liability for breach of trust, bring into or withdraw from any such investment common fund the whole or any part of trust funds or other funds of the Trust.

(3) Subject to subsection (4), the Trust must periodically distribute the income of each investment common fund among the funds participating in the common fund, having regard to the extent of the participation of each fund in the common fund during the relevant accounting period.

(4) The Trust may, if it considers it expedient to do so, from time to time add some portion of the income of an investment common fund to the capital of the common fund or use some portion of the income to establish or augment a fund or funds as a provision against capital depreciation or reduction of income.

(5) If an investment is brought into an investment common fund:

(a) the Trust is to be taken to hold the investment on behalf of and for the benefit of the common fund instead of the participating trust fund or other fund, and

(b) that participating fund is to be taken to have contributed to the common fund an amount of money equivalent to the value attributed to the investment by the Trust at the time it is brought into the common fund, and

(c) on the withdrawal of that participating fund from the common fund, the amount of money to be withdrawn is to be the amount equivalent to the value attributed by the Trust to the equity in the common fund of that participating fund at the time of withdrawal.

(6) The inclusion in an investment common fund of trust funds does not affect any trust to which those trust funds (or money attributed to them) are subject.

(7) On the withdrawal of trust funds from an investment common fund, the funds (or money attributed to them) continue to be subject to the trust.