109Reserve Fund

109 Reserve Fund

109 Reserve Fund

(1) The NSW Trustee is to establish a Reserve Fund.

(2) The Reserve Fund may be applied, as determined by the NSW Trustee, for the following—

(a) payment to a common fund of amounts determined by the NSW Trustee to be equivalent to the loss on realisation of any investment of the common fund,

(b) payment of any costs incurred in protecting investments of the common fund,

(c) payment of any other costs incurred in respect of a common fund or the Reserve Fund or investment of the common fund or Reserve Fund that the NSW Trustee determines are appropriate to pay from the Reserve Fund,

(d) payment of any costs not ordered by a court to be charged against a particular trust or estate (including a managed estate) or otherwise not properly chargeable against a particular trust or estate (including a managed estate),

(e) payment of any costs not ordered by a court to be charged against a trust or estate (including a managed estate) but otherwise properly chargeable against a particular trust or estate (including a managed estate) where there are insufficient funds in the particular trust or estate to meet the costs,

(f) payment of any costs incurred by the NSW Trustee in obtaining any kind of advice or in any legal proceedings to which the NSW Trustee is or is made a party if the costs are such that, because of general interest and the importance of the subject-matter of the proceedings, they should not, in the opinion of the NSW Trustee, be charged against a particular trust or estate (including a managed estate).

(3) The NSW Trustee may invest the Reserve Fund as if it were money held in a common fund.

(4) In this section—

managed estate means the estate of a managed person.