52Trust money

52 Trust money

(1) The Board must ensure that any money received or held by the Agency on trust is paid into an account, or more than one account, opened and maintained under section 63J of the Audit Act 1901 (as applied under subsection 51(1) of this Act) that does not contain any money of the Agency not held on trust. (2) In spite of anything in this Division: (a) money or other property held by the Agency on trust is to be applied or dealt with only in accordance with the powers and duties of the Agency as trustee; and (b) money held by the Agency on trust may be invested: (i) in any manner in which the Agency is authorised to invest that money by the terms of the trust; or (ii) in any manner in which trust money may, for the time being, be invested under law; but not otherwise. (3) Section 63K of the Audit Act 1901 (as applied under subsection 51(1) of this Act) has effect as if: (a) the reference in that section to transactions and affairs included a reference to transactions and affairs relating to money or property received or held by the Agency on trust; and (b) the reference in that section to moneys or to assets included a reference to money, or assets, as the case may be, received or held by the Agency on trust. (4) Section 63L of the Audit Act 1901 (as applied under subsection 51(1) of this Act) has effect as if: (a) the reference in subsection 63L(1) to financial transactions included a reference to transactions relating to money received or held by the Agency on trust; and (b) the reference in subsection 63L(4) to moneys or to assets included a reference to money, or assets, as the case may be, received or held by the Agency on trust.