21Investment of money

21 Investment of money (1) Subject to this and any other Act and to a trust instrument or court order, the Public Trustee must invest estate or trust money: (a) in a manner authorised by the trust instrument; (b) in a manner in which a trustee may lawfully invest trust money; or (c) in one or more common funds. (2) Subject to this and any other Act, the Public Trustee may invest money on behalf of another person: (a) in a manner authorised by the person; Part V Investment of estate funds and common funds Public Trustee Act 1979 11 (b) in a manner in which a trustee may lawfully invest trust money; or (c) in one or more common funds. 22 Money from several estates and trusts may be invested as single fund (1) Subject to a trust instrument or court order, the Public Trustee may invest money from 2 or more estates or trusts as a single fund in one or more investments. (2) Where money from 2 or more estates or trusts is invested as a single fund, the Public Trustee must: (a) keep an account showing the amount for the time being standing to the credit of each estate or trust; and (b) after deducting the commission, fees, charges and expenses charged against the fund: (i) divide income arising from investment of the money between the estates and trusts in proportion to the amounts invested and the period of each investment; and (ii) divide profit or loss of a capital nature arising from investment of the money between the estates and trusts in proportion to the amounts invested.