50AEstablishment, &c., of group investment funds

50A Establishment, &c., of group investment funds

[Section 50A Inserted by No. 3 of 1987, s. 7 ]

(1)  The Public Trustee may from time to time establish and keep, in addition to and separately from the common fund, one or more funds, each of which shall be called a group investment fund, and, where more than one group investment fund is so established, each such fund shall be given an appropriate distinguishing name or number.

(2)  *[Section 50A Subsection (2) amended by No. 20 of 1995, s. 3 and Sched. 1 ]*All money forming part of a group investment fund shall be invested in such investments as the Public Trustee determines, being –

(a) [Section 50A Subsection (2) amended by No. 1 of 1999, s. 4, Applied:07 Apr 1999] investments authorized by the Trustee Act 1898 ; or

(b) contributory first mortgages of real estate in Tasmania.

(3)  Investments made from money forming part of a group investment fund shall not be made on account of, or belong to, any particular estate or principal, but the Public Trustee shall cause to be kept an account showing at all times the entitlement of each estate and principal in that fund.

(4)  Where any money, being –

(a) [Section 50A Subsection (4) amended by No. 33 of 1996, Sched. 1, Applied:01 Sep 1997] money in an estate that is vested in the Public Trustee or of which the Public Trustee is administrator under the Guardianship and Administration Act 1995 ; or

(b) money in relation to which the Public Trustee has the power to act as agent or attorney under section 12 –

is lawfully invested in an investment in which a group investment fund may be invested, the Public Trustee may transfer that investment to that fund and give credit in that fund to the relevant estate or principal (as the case requires) for the fair market value of the investment at the time of the transfer, and, upon being so transferred, that investment shall cease to belong to that estate or principal.

(5)  For the purposes of , the fair market value at the time of its transfer to a group investment fund of an investment of a kind usually traded on a stock exchange shall be taken to be the value so certified by a member for the time being of the Hobart Stock Exchange Limited, and such a certificate, if given and acted upon in good faith, shall be conclusive.