Victorian Consolidated Legislation

La Trobe University Act 1964 - SECT 37

Creation and administration of trust and other funds

37. Creation and administration of trust and other funds



(1) The University shall have power to acquire by purchase, gift, grant,
bequest or devise any property and to agree to and carry out any conditions of
any such purchase, gift, grant, bequest or devise and the Council may create
and administer any trust fund or funds in connexion therewith or for any other
purpose whatsoever.

(2) The Council may establish one or more investment common funds for the
collective investment of any trust and other funds held by or in the custody
of the University.

(3) The Council may from time to time without liability for breach of trust
bring into or withdraw from any such investment common fund the whole or any
part of any trust fund or other fund held by or in the custody of the
University.

(4) The Council may bring into an investment common fund the whole or any part
of a trust fund despite any direction to the contrary, whether express or
implied, contained in the trust instrument.

(4A) The Council shall not invest the capital of an investment common fund
which includes the whole or any part of a trust fund except in-

   (a)  investments permitted under the Trustee Act 1958; or



   (b)  leasehold property; or

   (c)  securities of a corporation being a corporation that is formed or
        incorporated in a State or Territory of Australia or registered as a
        foreign company in a State or Territory of Australia.

(4B) For the purposes of subsection (4A), securities means-

   (a)  shares in, or debentures of, the corporation; and

   (b)  any unit in any such shares or debentures; and

   (c)  any prescribed interest made available by the corporation.

(5) The Council shall periodically distribute the income of each investment
common fund among the funds participating in the common fund having regard to
the extent of the participation by each fund in the common fund during the
relevant accounting period:

Provided that the Council may if it considers it expedient so to do from time
to time add some portion of the income to the capital of the common fund or
use some part of the income to establish or augment a fund or funds as a
provision against capital depreciation or reduction of income.

(6) The Council may, out of the annual income of a trust fund in an investment
common fund, periodically deduct an amount not exceeding 5% of the annual
income of that trust fund as commission for the administration of that trust
fund.

(7) The commission deducted in accordance with subsection (6) is to be
received and accepted by the University as full payment to it for the costs of
administration of the trust fund.

(8) The University must not make any other charges on the trust fund in
addition to the commission received under subsection (7), except in accordance
with the trust deed.

Division 9-Formation and membership of companies, joint ventures, etc.