58Investment by territory authorities

58 Investment by territory authorities (1) Funds not immediately required for the purposes of a territory authority may be invested— (a) on deposit with an authorised deposit-taking institution; or (b) by the Treasurer, for the territory authority, in an investment mentioned in section 38 (1) (a) to (e); or (c) in an investment prescribed for this paragraph. (2) However, the funds of the territory authority may only be invested under this section to increase or protect the financial wealth of the (3) Transfers between the territory banking account and the banking account of a territory authority to facilitate investments may be made without appropriation. (4) Returns received by the Territory from the investment of funds of a territory authority must be paid to the territory authority. (5) Any fees or expenses reasonably incurred in making or managing an investment of funds of a territory authority may be deducted from the investment. (6) Returns that are to be paid to a territory authority under subsection (4) may be paid direct to the territory authority or through the territory banking account. (7) If returns to be paid to a territory authority are paid into the territory banking account under subsection (6), the returns may be paid to the authority from the territory banking account without further appropriation. (8) This section does not apply to money held on trust by a territory