PUBLIC TRUSTEE ACT 1995 - SECT 29
PUBLIC TRUSTEE ACT 1995 - SECT 29
(1) The Public Trustee
may establish one or more common funds—
(a) for
the investment of money comprising or forming part of an estate under the
control of the Public Trustee;
(b) for
the investment of money on behalf of other classes of persons approved by the
Minister.
(2) The Public Trustee
must determine the classes of investments in which a common fund may be
invested and may vary the classes from time to time.
(3) Money may not be
invested in a common fund unless the classes of investment in which that money
could be invested on separate account are the same as, or include, the classes
of investment in which the common fund may be invested.
(4) The Public Trustee
must keep an account showing the current amount for the time being at credit
in the common fund on account of each investor.
(5) The Public Trustee
has a discretion to realise investments in which money from a common fund has
been invested and to reinvest the money in investments of an appropriate
class.
(6) The Public Trustee
may withdraw from a common fund any amount at credit in the common fund on
account of an estate—
(a) for
the purpose of reinvestment; or
(b) for
the purpose of defraying liabilities that are lawfully chargeable against that
estate; or
(c) for
the purpose of making a payment to a person who is beneficially entitled to
that payment; or
(d) for
the purpose of making any other payment in accordance with this or any other
Act.
(6a) The Public
Trustee may withdraw from a common fund an amount at credit in the fund on
account of a class of persons referred to in subsection (1)(b) for the
purpose of recovering commission, fees or expenses fixed by regulations as
payable to the Public Trustee by persons of that class.
(7) After deduction of
charges—
(a)
income arising from the investment of a common fund must be divided between
the investors in proportion to the amounts invested and the period of each
investment; and
(b) any
profit or loss of a capital nature arising from investment of the fund must be
divided between the investors in proportion to the amounts invested.
(8) The Public Trustee
must value each common fund (including the investments in which the fund is
invested) as at the first business day of each month and, if the Public
Trustee thinks fit, as at such other times as may be appropriate according to
the nature of the particular fund.
(9) Investments in and
withdrawals from a common fund must be effected on the basis of the valuation
last made under subsection (8).
(10) The Public
Trustee may charge against each common fund a management fee fixed by the
Public Trustee in respect of each month of the Public Trustee's management of
the fund.
(11) The management
fee charged against money invested in a common fund on account of an estate
must not exceed one-twelfth of 1.2% of the value of the fund attributable to
investment of the estate as at the first business day of the month.
(12) The Public
Trustee may not increase a fee charged in respect of management of a common
fund except after giving to each investor (other than an estate) not less than
one month's notice in writing of the new fee.
(13) Nothing in this
section limits or affects the operation of section 28.
(14) Money not
otherwise held in trust by the Public Trustee is while invested in a common
fund held by the Public Trustee in trust for the investor.