sec.40Investment of moneys

sec.40 Investment of moneys

Moneys standing to the credit of the funeral benefit business trust fund of a corporation may be invested by the corporation— under the Trusts Act 1973 , part 3 ; or in an investment approved by the Governor in Council; or in improving any nominated property or any land purchased by it pursuant to the provisions of this subsection; or in altering, demolishing or rebuilding any building forming part of nominated property or on land purchased by it pursuant to the provisions of this subsection. However, not more than 75% of moneys standing to the credit of the fund or such other percentage thereof as may from time to time be prescribed may be utilised for purposes referred to in subsection (1) (c) and (d) . A corporation may from time to time vary any such investment. Subject to subsection (6) , a corporation must pay any interest, rent, dividend or other income or return derived from the investment of moneys under this section or from nominated property, immediately on its receipt, into the funeral benefit business trust fund account. Maximum penalty—2 penalty units. An offence against subsection (3) is a continuing offence and may be charged in 1 or more complaints for periods the offence continues. Maximum penalty for each day the offence continues after a conviction against subsection (1) —1 penalty unit. In any case where moneys have been invested pursuant to subsection (1) in any land or building and no interest, rent, dividend or other income or return is derived therefrom or in any case where no interest, rent, dividend or other income or return is derived from nominated property, interest at a rate determined by the registrar after consultation with the State actuary on the amount so invested or on the value of the nominated property as assessed by the State actuary shall be credited annually to the funeral benefit business trust fund account by the corporation. In subsection (4) , a reference to any land or building or nominated property from which no interest, rent, dividend or other income or return is derived includes a reference to a part of such land or building or nominated property from which no interest, rent, dividend or other income or return is derived although interest, rent, dividend or other income or return is derived from another part of such land or building or nominated property. In any case where— moneys have been invested pursuant to subsection (1) in any land or building and interest, rent, dividend or other income or return is derived therefrom; or interest, rent, dividend or other income or return is derived from nominated property; at a rate or of an amount less than that determined by the registrar after consultation with the State actuary to be reasonable in the circumstances, interest, rent, dividend or other income or return that would be derived from any land, building or nominated property as aforesaid at the rate or of the amount so determined by the registrar to be reasonable in the circumstances shall be credited annually to the funeral benefit business trust fund account by the corporation in lieu of that actually derived. s 40 amd 1992 No. 12 s 66 sch ; 1993 No. 82 s 3 sch 1 ; 1999 No. 27 s 76 sch 1 ; 1999 No. 69 s 7 sch ; 2003 No. 19 s 3 sch ; 2003 No. 73 s 157 ; 2005 No. 14 s 2 sch (sec.40-ssec.1) Moneys standing to the credit of the funeral benefit business trust fund of a corporation may be invested by the corporation— under the Trusts Act 1973 , part 3 ; or in an investment approved by the Governor in Council; or in improving any nominated property or any land purchased by it pursuant to the provisions of this subsection; or in altering, demolishing or rebuilding any building forming part of nominated property or on land purchased by it pursuant to the provisions of this subsection. (sec.40-ssec.1A) However, not more than 75% of moneys standing to the credit of the fund or such other percentage thereof as may from time to time be prescribed may be utilised for purposes referred to in subsection (1) (c) and (d) . (sec.40-ssec.2) A corporation may from time to time vary any such investment. (sec.40-ssec.3) Subject to subsection (6) , a corporation must pay any interest, rent, dividend or other income or return derived from the investment of moneys under this section or from nominated property, immediately on its receipt, into the funeral benefit business trust fund account. Maximum penalty—2 penalty units. (sec.40-ssec.3A) An offence against subsection (3) is a continuing offence and may be charged in 1 or more complaints for periods the offence continues. Maximum penalty for each day the offence continues after a conviction against subsection (1) —1 penalty unit. (sec.40-ssec.4) In any case where moneys have been invested pursuant to subsection (1) in any land or building and no interest, rent, dividend or other income or return is derived therefrom or in any case where no interest, rent, dividend or other income or return is derived from nominated property, interest at a rate determined by the registrar after consultation with the State actuary on the amount so invested or on the value of the nominated property as assessed by the State actuary shall be credited annually to the funeral benefit business trust fund account by the corporation. (sec.40-ssec.5) In subsection (4) , a reference to any land or building or nominated property from which no interest, rent, dividend or other income or return is derived includes a reference to a part of such land or building or nominated property from which no interest, rent, dividend or other income or return is derived although interest, rent, dividend or other income or return is derived from another part of such land or building or nominated property. (sec.40-ssec.6) In any case where— moneys have been invested pursuant to subsection (1) in any land or building and interest, rent, dividend or other income or return is derived therefrom; or interest, rent, dividend or other income or return is derived from nominated property; at a rate or of an amount less than that determined by the registrar after consultation with the State actuary to be reasonable in the circumstances, interest, rent, dividend or other income or return that would be derived from any land, building or nominated property as aforesaid at the rate or of the amount so determined by the registrar to be reasonable in the circumstances shall be credited annually to the funeral benefit business trust fund account by the corporation in lieu of that actually derived.