UNIVERSITY OF NOTRE DAME AUSTRALIA ACT 1989 - SECT 23
UNIVERSITY OF NOTRE DAME AUSTRALIA ACT 1989 - SECT 23
23 . Investment common funds
(1) The Board of
Directors may establish one or more investment common funds for the collective
investment of any trust or other moneys held by or in the custody of the
University.
(2) The Board of
Directors may from time to time without liability for breach of trust bring
into or withdraw from any investment common fund the whole or any part of any
trust fund or other moneys held by or in the custody of the University.
(3) The Board of
Directors must not bring into any investment common fund the whole or any part
of any trust fund —
(a) if
the instrument creating the trust expressly directs to the contrary;
(b)
unless all the securities in which the capital of the investment common fund
is invested are securities in which the trust fund may properly be invested.
(4) The Board of
Directors 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.
(5) Subject to
subsection (4), the Board of Directors is to 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.
[Section 23 amended: No. 8 of 2005 s. 48.]