PUBLIC TRUSTEE ACT 1913 - SECT 36A Common fund

This legislation has been repealed.

PUBLIC TRUSTEE ACT 1913 - SECT 36A

36A Common fund

(1) Subject to this Act, balances to the credit of all current accounts in the books of the Public Trustee at the commencement of the Public Trustee (Amendment) Act 1942 and at any time thereafter kept by the Public Trustee in any such capacity as is mentioned in subsection (1) of section 12 shall be one common fund and shall be available for investment as provided in this Act.

This subsection shall not apply to or in respect of any estate or trust:

(a) where investment in the common fund is expressly forbidden by the instrument of trust, or

(b) where assets are held by the Public Trustee jointly with any other person and such other person has objected in writing to its application.

(2) Interest received from investments from the common fund shall be credited to an account to be called the Interest Suspense Account and shall be allocated therefrom as provided in this section.

(3) Interest shall be allowed on:

(a) all capital balances on current account forming part of the common fund,

(b) income balances on current account forming part of the common fund where, in the opinion of the Public Trustee, such income should be interest earning.

Interest allowed in respect of income balances shall be computed as from such date as the Public Trustee may determine.

(4) Interest allowed on any balance in the common fund under subsection (3) shall be credited:

(a) at such time as the Public Trustee may determine in respect of that balance, and

(b) at such rate as the Public Trustee may determine in respect of that balance according to the period during which it has formed part of the common fund, its source and nature and any other factor that the Public Trustee considers relevant.

(5) Except as provided in this section, balances in the common fund shall be deemed not to earn interest.

(6) Any capital profit or loss made on realisation of investments from the common fund may, at the discretion of the public trustee, be carried to the Interest Suspense Account or the Estates Guarantee and Reserve Account.