31Advances to beneficiaries or estates

31 Advances to beneficiaries or estates (1) Subject to this section, where a person is entitled to a share in an estate administered by the Public Trustee and the estate is not yet administered to a stage where that payment can be made or the Part VI Acquisition of the right to administer estates Public Trustee Act 1979 17 interest has not matured, the Public Trustee may, with the approval of the Investment Board, make an advance out of a common fund in which money from the estate is invested to that person not exceeding in aggregate two thirds of the value of his or her share as estimated by the Public Trustee and approved by the Investment Board. (2) An advance made under subsection (1) shall bear interest at a rate fixed by the Investment Board from time to time. (3) An advance made under this section and interest that has accrued thereon shall, by force of this Act and without any instrument of assignment, be a first charge on the share of the person so entitled. (4) The Public Trustee may issue a certificate under seal stating the amount advanced under this section and interest owing on the date specified in the instrument, the person to whom the advances have been made and the share against which they are made and the certificate shall be evidence of the facts stated in it. (5) The provisions of this section shall not apply to the share of any person which is, for the time being, subject to any contingency or is not indefeasibly vested. (6) An advance made to a person under this section, any interest thereon, or costs, charges and expenses due in connection with the advance or the recovery of the advance shall, in the absence of an express agreement, be repayable on demand and may be recovered from the person to whom the moneys have been advanced in any court of competent jurisdiction. (7) The Public Trustee may, at any time without notice sell, mortgage, charge or otherwise deal with the share against which an advance has been made under this section. Part VI Acquisition of the right to administer estates