PUBLIC TRUSTEE ACT 1995 - SECT 43

PUBLIC TRUSTEE ACT 1995 - SECT 43

43—Expenditure of money on land

        (1)         The Public Trustee may, with the consent of the Minister—

            (a)         acquire an interest in land (either improved or unimproved) for use in carrying out the Public Trustee's operations; and

            (b)         erect a building on the land or alter an existing building; and

            (c)         provide plant, fixtures, fittings or furniture in connection with any such building.

        (2)         The Public Trustee may—

            (a)         lease, or grant rights of occupation in relation to, part of any land or building acquired or built under this section; or

            (b)         otherwise deal with any such land or building in a manner approved by the Minister.

        (3)         The Public Trustee may apply money from a common fund for the purposes of subsection (1).

        (4)         Subject to subsection (5), the interest to be paid on money so applied and the terms on which it is to be repaid to a common fund are to be as determined by the Minister.

        (5)         The rate of interest to be paid on the principal from time to time outstanding is to be not less than the long term bond rate.

        (6)         In this section—

"the long term bond rate" means a rate of interest payable in respect of a Commonwealth Public Loan having a currency exceeding five years being raised in Australia at the time the money is applied from the particular common fund, or if no such loan is then being raised, in respect of the Commonwealth Public Loan having a currency exceeding five years last raised in Australia prior to the application of money from the particular common fund.