58Withdrawal of money from common funds

58 Withdrawal of money from common funds (1) The public trustee and guardian may withdraw an amount from a common fund at the credit of an estate, trust or person and— (a) apply the amount for any purpose relating to the exercise or performance, in connection with that estate, trust or person, of any of the powers or functions of the public trustee and guardian; or (b) invest the amount separately for the benefit of that estate, trust or person. (2) The public trustee and guardian shall withdraw from a common fund an amount paid into the fund in accordance with section 55 on behalf of an estate or trust in respect of which property is held by the public trustee and guardian jointly with another person where that other person, by notice in writing given to the public trustee and guardian, objects to the retention of that amount in the fund.

(3) An amount withdrawn from a common fund under this section shall, from the date of withdrawal, cease to have a claim for any benefit from the common fund.