39Special investments outside common fund

39 Special investments outside common fund

(1)  *[Section 39 Subsection (1) amended by No. 76 of 1985, s. 6 ]*The following moneys shall not form part of the common fund:

(a) Moneys directed to be invested in some other specified manner, whether or not investment in the common fund be expressly excluded;

(b) Moneys which the Court, on the application of any beneficiary, directs shall not form part of the common fund;

(c) Moneys which the Public Trustee determines shall not form part of the common fund.

(2)  *[Section 39 Subsection (2) substituted by No. 76 of 1985, s. 6 ][Section 39 Subsection (2) amended by No. 3 of 1987, s. 6 ][Section 39 Subsection (2) amended by No. 20 of 1995, s. 3 and Sched. 1 ]*Moneys which do not form part of the common fund shall be invested –

(a) in the case of moneys referred to in subsection (1) (a) , in such manner as is specified in the relevant direction;

(b) in the case of moneys referred to in subsection (1) (b) , in such manner as the Court may direct; or

(c) in the case of moneys referred to in subsection (1) (c) –

(i) in a group investment fund;

(ii) in any manner in which trustees are authorized to invest trust funds under the Trustee Act 1898 ; or

(iii) in contributory first mortgages of real estate in Tasmania –

but any loss or deficiency in respect of any such investment, or of the money received from or by such investment, shall be borne by the estate to which the moneys belong.