24Operation of common funds

24 Operation of common funds (1) The Public Trustee must keep an account showing the amount in a common fund for the time being standing to the credit of each investor in the fund. (2) The Public Trustee may realise an investment in which money from a common fund has been invested and reinvest that money in another investment of a class in which the common fund may be invested. (3) The Public Trustee may withdraw from a common fund an amount standing to the credit of an estate or trust for any of the following purposes: (a) reinvestment; (b) defraying liabilities that are lawfully chargeable against the estate or trust; (c) making a payment to a person who is beneficially entitled to that payment; (d) making any other payment in accordance with this or any other Act. (4) The Public Trustee must, after deducting the commission, fees, levies, charges and expenses charged against the common fund: (a) divide income arising from investment of a common fund between the investors in proportion to the amounts invested and the period of each investment; and (b) divide profit or loss of a capital nature arising from investment of a common fund between the investors in proportion to the amounts invested. (5) The Public Trustee: (a) must value each common fund (including the investments in which the fund is invested) as at the first business day of each month; and Part V Investment of estate funds and common funds Public Trustee Act 1979 13 (b) may value any of those funds as at any other time that the Public Trustee considers appropriate having regard to the nature of the fund. (6) Investments in and withdrawals from a common fund are to be effected on the basis of the most recent valuation under subsection (5).