34Assets of statutory fund

#### 34 Assets of statutory fund (1) For the purposes of this Act, the assets of a statutory fund at a particular time are the following: (a) the balance of money represented by amounts credited to the fund in accordance with section 36; (b) assets of the company obtained as a result of the expenditure or application of money credited to the fund; (c) investments held by the company as a result of the expenditure or application of money credited to the fund; (d) other money, assets or investments of the company transferred to the fund, whether under this Act or otherwise. (2) Assets or investments obtained by the application of assets (other than money) of a statutory fund are themselves assets of the fund. (3) Subject to subsection (4), a life company must keep assets of a statutory fund distinct and separate from assets of other statutory funds and from all other money, assets or investments of the company. (4) A life company may maintain a single bank account for money that constitutes assets of 2 or more statutory funds if the account is maintained in accordance with the prudential standards. (5) In order to avoid doubt, it is declared that nothing in this Act is intended to constitute a life company or the directors of a life company a trustee or trustees of the assets of the statutory funds of the company.