45Common fund

#### 45 Common fund 45 Common fund > > (1) Subject to this Part, balances to the credit of all current or deposit accounts in the books of a pre-paid funeral fund kept by the fund in the capacity of trustee under pre-paid contracts shall be one common fund and shall be available for investment as provided in section 44. > > > (2) Investments made from money forming part of the common fund shall not be made in the name of or on account of, nor shall they belong to, any particular trust. > > > (3) A pre-paid funeral fund shall keep an account in the books of the fund showing at all times the current amount for the time being at credit in the common fund on account of each trust. > > > (4) Any profits or losses upon realisation of any investment in the common fund shall be credited or debited, as the case may require, to or against the common fund and be credited or debited proportionately to or against the several amounts constituting the common fund at the time of that realisation. > > > (5) A pre-paid funeral fund may sell investments belonging to the common fund and withdraw any of the money belonging to the common fund only for any purpose of or relating to the exercise and performance of the powers, authorities, duties and functions of the fund in acting as trustee. > > > (6) Amounts withdrawn under subsection (5) shall, as from the date of the withdrawal, cease to have any claim for interest or otherwise from the common fund. > > > (7) If, for the purpose of providing for any withdrawal under subsection (5), any investment is realised, then, for the purpose of this section, that part of the money arising from that realisation which is equal to the amount of interest accrued on that investment shall be deemed to be income of the common fund and the balance shall be deemed to be capital. > > > (8) At intervals of not more than 6 months, or such other intervals as may be prescribed, a pre-paid funeral fund shall pay or allocate the income arising from the common fund proportionately to or among the trusts entitled to the income arising from the capital sums invested in the common fund according to the several sums so invested and the periods for which they are so invested.