Victorian Consolidated Legislation

Melbourne University Act 1958 - SECT 39

Distribution of income of investment pools

39. Distribution of income of investment pools



(1) The council shall periodically distribute the income of each investment
pool among the funds participating in the pool having regard to the extent of
the participation by each fund during the relevant accounting period, but may,
if it considers it expedient so to do, from time to time add some portion of
such income to the capital of the pool or establish a fund or funds as a
provision against capital depreciation or reduction in income.

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

(3) The commission deducted in accordance with subsection (2) is to be
received and accepted by the University as full payment to it for the costs of
administration of the trust fund.

(4) The University must not make any other charges on the trust fund in
addition to the commission received under subsection (3), except in accordance
with the trust deed.