New South Wales Consolidated Acts

TECHNICAL EDUCATION TRUST FUNDS ACT 1967 - SECT 8

8 Common trust fund

(1) Statutory Trustees who are trustees of more than one Fund may establish, and carry to the credit of, a common trust fund any capital moneys of, or income from, the Funds of which they are trustees.

(2) Where a common trust fund is established pursuant to this section, the Statutory Trustees shall keep, or cause to be kept, proper books of account showing the amount for the time being at credit in the common trust fund on account of each contributing Fund.

(3) Moneys in a common trust fund shall not be credited thereto in the name or on account of any particular Fund but any interest or other profits thereon shall be shared proportionately according to the amount contributed by each Fund to the common trust fund and the period for which the contribution formed part of the common trust fund.

(4) The charges relating to the keeping of a common trust fund shall be borne by each contributing Fund in such manner and to such extent as the Statutory Trustees of the contributing Funds may from time to time in their discretion decide.

(5) The Statutory Trustees of the contributing Funds may withdraw money from a common trust fund for the purposes of the trusts reposed in them by this Act.