60Income accounts

60 Income accounts (1) The public trustee and guardian shall establish and maintain for each common fund an account called an income account. (2) The income account forms part of the common fund.

(3) The public trustee and guardian shall pay any capital or income received in relation to the common fund into that income account. (4) If an amount to the credit of the income account is not for the time being required— (a) to be distributed under section 59; or (b) to be transferred to the common fund guarantee and reserve account under section 61; or (c) to be applied in accordance with section 63 (Application of surplus funds); the amount, or the part of the amount decided by the public trustee and guardian, must be invested by the public trustee and guardian. (5) In acting under subsection (4), the public trustee and guardian must have regard to any advice given by the board. (6) Capital or income received on investments made under subsection (4) is to be paid into the income account.