Victorian Consolidated Legislation

Cancer Act 1958 - SECT 27

Investment of funds etc.

27. Investment of funds etc.



(1) Subject to this Part all moneys and funds of the council which are not
immediately required to be expended for the purposes of this Part and which
the finance committee thinks proper to be invested shall be placed in such
investments as may be authorized with respect thereto by or by the powers
contained in the instrument (if any) of gift of such moneys or funds or of the
moneys or property from which the same have arisen or by the powers contained
in any writing or writings under the hand of the donor according to the
provisions of this section or (so far as such instrument writing or writings
do not extend) in investments authorized by the law for the time being in
force for the investment of trust funds or upon fixed deposit with any
authorised deposit-taking institution within the meaning of the
Banking Act 1959 of the Commonwealth:

Provided that-

   (a)  money shall not be invested in any securities and no securities shall
        be retained if in respect of any securities aforesaid any liability
        exists unless the liability is of limited amount and is to be
        discharged or is capable if the finance committee thinks fit of being
        discharged within a fixed period from the date of investment; but save
        as in this proviso mentioned nothing in this Part shall prevent the
        council or the finance committee from the full exercise of any
        discretion or authority given by the donor in the choice of
        investments;

   (b)  all investments may be varied or transposed from time to time into or
        for other investments authorized according to the provisions of this
        section with respect to the original investments or the proceeds
        thereof; and

   (c)  for the purposes of this section land shall be deemed to be an
        investment.

(2) Where any money or other property is given by a donor to the council
either generally or on a special trust any such donor may within six months
after the gift by writing or writings under his hand confer on the council any
such powers or additional powers of investment re-investment sale retention or
otherwise with respect to his gift and the income thereof as he thinks fit and
any such writing or writings shall have effect as if the powers had been
contained in an instrument of gift of such money or other property to the
council; and subject to this Part any such powers may be exercised by the
finance committee.

(3) Moneys of the council awaiting distribution may be either deposited with
the bankers of the council or advanced on the security of stocks funds or
securities the purchase of which would be authorized by the law for the time
being in force for the investment of trust funds.