Tasmanian Consolidated Acts Tasmanian Consolidated Acts
(1) All money received by the Secretary as guardian of the estate of a child must be paid to the credit of an account established and maintained in a bank, building society or credit union by the Secretary under the name of the "Tasmanian Guardianship Fund" .
(2) The Secretary must keep an account showing the current amount at credit in the Fund on account of each child.
(3) Money standing to the credit of a child in the Fund which is not immediately required for use by the child may be invested in any manner in which trust money may be invested by a trustee under the Trustee Act 1898.
(4) Interest earned by the use of money invested under subsection (3) must be credited to the account of the child at least once each year.
(5) The Secretary may, with the approval of the Auditor-General, transfer to the Consolidated Fund from money standing to the credit of a child in the Fund an amount representing the reasonable cost of administering the Fund in respect of that child.
(6) Except as provided by subsection (5), money standing to the credit of a child in the Fund may be used only for the benefit of the child.
(7) On a child ceasing to be under the guardianship of the Secretary –
(a) all money standing to the credit of the child in the Fund must be paid to the child if the child is 18 or more years of age; and
(b) in any other case, if the Secretary considers it in the best interests of the child to do so, all or any money standing to the credit of the child in the Fund –
(i) may be paid to the child or a person who has custody of the child; or
(ii) may be retained in the Fund until the child is 18 years of age.
(8) On a child ceasing to be under the guardianship of the Secretary, the Secretary must notify the child of the amount standing to his or her credit in the Fund.