50BIncome and capital of group investment funds

50B Income and capital of group investment funds

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

(1)  *[Section 50B Subsection (1) amended by No. 20 of 1995, s. 3 and Sched. 1 ]*The Public Trustee shall, in respect of each group investment fund –

(a) pay or allocate the income of that fund proportionately to or among the estates and principals entitled to the amounts invested in the fund according to the amounts of their several interests in the fund and the period for which they remain invested in the fund; and

(b) hold the capital of the fund proportionately for the estates and principals entitled to the amounts invested in the fund according to the amounts of their several interests in the fund.

(2)  .  .  .  .  .  .  .  .  

[Section 50B Subsection (2) omitted by No. 20 of 1995, s. 3 and Sched. 1 ]