13Delegation by Investment Board

13 Delegation by Investment Board (1) The Investment Board, by instrument in writing, may, from time to time, delegate to the Public Trustee: (a) the power to approve any valuation required by this Act or by any other Act or otherwise to be approved by the Investment Board; and (b) such of its other powers in respect of the investment of money from time to time in a common fund as it thinks fit. (2) A delegation under subsection (1) is revocable and shall not prevent the exercise of any power by the Investment Board.

Part IV Accounts Public Trustee Act 1979 7 (3) A delegation made under subsection (1) may be made subject to such restrictions and conditions as the Investment Board thinks fit, and may be made generally or in relation to any particular matter. (4) A power delegated under this section by the Investment Board to the Public Trustee may be exercised by a Deputy Public Trustee. (5) The exercise of a power or the approval of a valuation by the Public Trustee shall be as full and effectual for all purposes as if the exercise or approval had been made by the Investment Board. Part IV Accounts 14 Accounts of Public Trustee (1) The Public Trustee must establish an account to be known as the Public Trustee's Dividend Account at an ADI approved by the Treasurer. (2) The Public Trustee may establish additional accounts at an ADI or ADIs approved by the Treasurer. (3) The Public Trustee must pay into the Public Trustee's Dividend Account: (a) any fees received under section 24A; and (b) any levies received under section 28. (4) The Public Trustee must pay into the Central Holding Authority the money in the Public Trustee's Dividend Account when directed by the Treasurer.