Victorian Consolidated Legislation

Melbourne Market Authority Act 1977 - SECT 23

Power to invest in Authority's securities

23. Power to invest in Authority's securities



(1) Any trustee unless expressly forbidden by the instrument (if any) creating
the trust may invest any trust funds in his hands in any debentures or stock
issued by the Authority under the authority conferred by this Act.

(2) Such debentures and stock shall be a lawful investment for any moneys
which any company or body corporate incorporated by or under any Act of the
Parliament of Victoria is authorized or directed to invest in addition to any
other investments expressly authorized for the investment of such moneys.

(3) Any trustee or company or body corporate as aforesaid may pursuant to this
Act convert any such debentures in his or its hands into such stock.

(4) No notice of any trust express implied or constructive shall be received
by the Authority or by any officer of the Authority in relation to any
debenture or any stock issued under this Act, and the Authority or any such
officer shall not be bound to see to the execution of any such trust to which
any such debenture or any part of the said stock may be subject.

(5) A person advancing moneys to the Authority and receiving in consideration
of such advance any debenture or stock issued under this Act shall not be
bound to inquire into the application of the moneys advanced or be in any way
responsible for the non-application or misapplication thereof.