PUBLIC TRUSTEE ACT 1995 - SECT 46
PUBLIC TRUSTEE ACT 1995 - SECT 46
46—ADI accounts, investment and overdraft
(1) The Public Trustee
may establish and maintain accounts at an ADI.
(2) The Public Trustee
may—
(a) pay
into the accounts money deducted or raised by way of commission, fees, costs
or expenses and any other income of the Public Trustee; and
(b)
apply the money towards the Public Trustee's operating costs and expenses and
in making any other payments required or authorised to be made by the Public
Trustee; and
(c)
invest any of the money that is not immediately required for those purposes in
a manner approved by the Treasurer.
(3) The Public Trustee
may, with the approval of the Minister—
(a)
borrow money on overdraft; and
(b)
deposit as security for the overdraft any securities representing money
invested in a common fund.
(4) An approval under
subsection (3) may be given subject to such conditions as the Minister
thinks fit.