42Investment

42 Investment (1) The Council may invest the trust money or other money of the Institute held by or in the custody, management or control of the Institute. (2) For the purposes of subsection (1), the Council may establish common funds for the collective investment of the money. (3) The Council may, without liability for breach of trust, bring into or withdraw from the common funds the whole or a part of trust money or other money held by or in the custody, management or control of the Institute. (4) Subject to subsections (5) and (6), the Council must periodically distribute the income of each common fund among the funds participating in the common fund having regard to the extent of the participation of each fund in the common fund during the relevant accounting period. (5) If money received by the Council to be expended for a stated purpose has been brought into an investment fund but cannot, or will not immediately, be expended for that purpose, the Council may pay into the general funds of the Institute the whole or a part of the part of the income of the investment fund that is attributed to the participation of the money in the fund and which is not required for that purpose. (6) The Council may, as it considers appropriate: (a) add a portion of the income of an investment fund to the capital of a common fund; or (b) use a portion of that income to establish or augment an investment fund or a common fund as a provision against capital depreciation or reduction of income. (7) The money of the Institute, including money held on trust or subject to a condition or forming part of a common fund, is not to be invested by the Council unless invested in a class of investment approved by the Treasurer. (8) The powers conferred on the Council by this section, or by a by-law relating to investment of property, are not to be exercised by the Council in relation to a trust fund or other money if the exercise of the powers would: (a) be inconsistent with the trust; or

Part 6 Property, finance, audit and annual reports Batchelor Institute of Indigenous Tertiary Education Act 1999 32 (b) constitute a breach of a condition under which the fund or money was acquired.