23Power of Trust to invest money separately or in common fund

23 Power of Trust to invest money separately or in common fund

23 Power of Trust to invest money separately or in common fund

(1) The Trust may, in its discretion, deal with any money in its hands, whether or not it is subject to any trust, in either of the following ways:

(a) on the separate account of any trust the property of which it forms part,

(b) as part of a common fund established and kept in the books of the Trust, except where the money is required to be invested in some other specified manner and investment in a common fund is specifically prohibited by the terms of the trust governing dealings with the money.

(2) The Trust, except to the extent, if any, that it is expressly forbidden so to do by the terms of any trust to which the Trust is subject, may invest any funds subject to its control, whether at the time in a state of investment or not and whether forming part of the common fund referred to in subsection (1) or not, in the following forms of investment:

(a) in any manner in which trust money may be invested by a trustee under the Trustee Act 1925, or any other Act or any Act or Ordinance of the Commonwealth or of any State or Territory thereof,

(b) on deposit with any bank carrying on business within the Commonwealth,

(c) in accordance with such terms, provisions and conditions as are prescribed by or under any general or special order of the Supreme Court of New South Wales, in any manner authorised by any such order,

(d) in the debentures or debenture stock or the preference stock or shares of any company incorporated under the law of any State of the Commonwealth, being a company which is listed on a stock exchange within the Commonwealth and which has a paid up capital of not less than $5,000,000 and which has paid dividends upon its ordinary capital at the rate of at least 5 per cent per annum for at least the 10 years next preceding the time of investment (of which fact a letter certifying to that fact and purporting to be signed by the secretary of the company shall be sufficient evidence),

(e) in loans, either secured or unsecured, being loans to any Baptist Church or District Association or to the Baptist Union and being loans made upon such terms and conditions as to the making of loans as the Trust thinks fit.