PUBLIC TRUSTEE ACT 1995 - SECT 28

PUBLIC TRUSTEE ACT 1995 - SECT 28

28—Money from several estates may be invested as one fund

        (1)         Subject to the terms of a relevant instrument of trust or order of court, the Public Trustee may invest money from more than one estate under the control of the Public Trustee as one fund in one or more investments.

        (2)         Where money from more than one estate is invested under subsection (1), the Public Trustee must—

            (a)         keep an account showing the current amount for the time being at credit in respect of each estate; and

            (b)         after deduction of charges—

                  (i)         divide income arising from investment of the money between the estates in proportion to the amounts invested and the period of each investment; and

                  (ii)         divide profit or loss of a capital nature arising from investment of the money between the estates in proportion to the amounts invested.