106Application of income of common funds

106 Application of income of common funds

106 Application of income of common funds

(1) Income from investment of a common fund may be applied, as determined by the NSW Trustee, for the following—

(a) investments authorised by this Act,

(b) payment into the Reserve Fund,

(c) payment of costs incurred by the NSW Trustee in the exercise of functions under this Act,

(d) payments in respect of the accounts from which the fund is derived.

(2) For the purposes of subsection (1) (d), payments (including any debits) in respect of accounts from which the fund is derived—

(a) are to be made periodically, and

(b) are to be divided between each account in the common fund in proportion to the amounts invested from those accounts and the period of the investment.

(3) Payments for costs incurred by the NSW Trustee in the exercise of functions under this Act must not exceed the amount approved by the Director-General.