Property Agents and Land Transactions Act 2016
144Administrative accounts of Trust
Start here
Get a plain-English read of 144
Turn the raw legal text into a practical explanation grounded in Property Agents and Land Transactions Act 2016.
144 Administrative accounts of Trust
(1) Money the Trust pays to itself in accordance with section 149(2) is to be paid into its general fund.
(2) Money in the general fund of the Trust is to be used to pay –
(a) the fees, allowances and expenses of members of the Trust; and
(b) the remuneration of people engaged by the Trust; and
(c) other administrative expenses of the Trust, including auditors' fees.
(3) The Trust may invest money in its general fund in any manner in which a trustee is authorised by law to invest trust funds.
(4) A payment is not to be made from the general fund of the Trust except in accordance with an order of the Trust.
(5) An order may relate to a single payment, several payments or a series of payments.