New South Wales Consolidated Acts

WEST SCHOLARSHIPS ACT 1930 - SECT 5

5 Vesting of fund

(1) The fund is hereby vested in the West Scholarships Trustees and shall be transferred by the persons who at the commencement of this Act hold the moneys and securities comprising the same to the account of the West Scholarships Trustees at a bank or banks to be nominated by such trustees.
The receipt of the bank shall be a good discharge for the amount of the moneys and securities expressed therein to be received.

(2) The trustees may in their discretion determine the proportions of the fund so vested in them which may properly be regarded as capital moneys and as accrued interest respectively.

(3) The West Scholarships Trustees shall invest the capital moneys so determined, together with any further moneys or securities (other than interest on investments) which may hereafter be acquired by them as trustees, in any of the securities authorised by the Trustee Act 1925 .