55Establishment of common funds etc

55 Establishment of common funds etc (1) The public trustee and guardian shall establish and maintain 1 or more common funds. (2) Subject to this Act and any order of the court, the public trustee and guardian shall pay into 1 or more of the common funds all money received by the public trustee and guardian on behalf of an estate, trust or person, including moneys received by the public trustee and guardian as manager of property.

(3) The public trustee and guardian shall not pay money into a common fund where— (a) investment in a common fund is expressly prohibited by the terms of a trust under which the money is received by the public trustee and guardian; or (b) property of an estate or trust in connection with which the money is received is held by the public trustee and guardian jointly with another person and that other person, by notice in writing given to the public trustee and guardian, objects to the application of the money in that manner. (4) The public trustee and guardian shall, in respect of each estate, trust or person on whose behalf money is paid into a common fund, keep proper accounts showing the amount for the time being at the credit of that estate, trust or person in the common fund.