Victorian Consolidated Legislation

Monash University Act 1958 - SECT 35A

Creation and administration of trust and other funds

35A. 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 notwithstanding any direction to the contrary, whether express
or implied, contained in the trust instrument.

(4A) The Council may invest the capital of an investment common fund which
includes the whole or any part of a trust fund in any manner in which a trust
fund may be invested under the Trustee Act 1958.



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(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 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 7A-Formation and membership of companies, joint ventures, etc.