New South Wales Consolidated Acts

TECHNICAL EDUCATION TRUST FUNDS ACT 1967 - SECT 13

13 Surplus income

(1) Where, in the opinion of the Statutory Trustees of a Fund, the income of the Fund is more than sufficient for the purposes of the substituted trusts relating to that Fund, those trustees may expend the surplus income for the advancement of education as prescribed by by-laws relating to such income.

(2) Any income expended pursuant to subsection (1) shall be deemed to have been applied for the purposes of the substituted trusts relating to the Fund.