28Levy against common fund

28 Levy against common fund (1) The Public Trustee must charge against each common fund a levy in respect of each month or part of a month that the Public Trustee manages the fund. (2) The levy charged against a common fund is not to exceed the prescribed percentage of the value of the common fund. (3) The value of a common fund: (a) is to be calculated in accordance with the prescribed method of calculation; or (b) if no method of calculation is prescribed under paragraph (a) – is to be calculated daily and is the minimum amount of the balance of the common fund for that day. (4) Before deciding the levy to be charged under this section, the Public Trustee must take into account the advice of the Treasurer as to the value of the indemnity provided under section 97(4) and any guarantee provided under section 97(7). 29 Minors (1) Where a person pays money to the Public Trustee for investment thereof in a common fund for the use and benefit of any person under the age of 18 years, the Public Trustee may pay to the beneficiary any interest which may accrue on the sum invested in the same manner as if the beneficiary were of full age. (2) The receipt of a beneficiary of money paid to him or her by the Public Trustee under subsection (1) shall be a sufficient discharge for all money paid to him or her notwithstanding his or her incapacity or inability at law to contract or act for himself or herself. (3) The Public Trustee shall be discharged from liability in respect of any payments made by him or her under the authority of this section.

Part V Investment of estate funds and common funds Public Trustee Act 1979 16