64Advances from common funds

64 Advances from common funds (1) The public trustee and guardian may, having regard to any advice given by the board, make advances from a common fund for any purpose relating to— (a) an estate or trust being administered by the public trustee and (b) property of which the public trustee and guardian is manager. (2) An advance under subsection (1) must bear interest at the rate, and be made on any other conditions, that the public trustee and guardian from time to time decides having regard to any advice given by the (3) An advance under subsection (1), together with the interest payable under subsection (2) in respect of the advance, shall be a charge on— (a) all of the property of the estate or trust in connection with which the advance is made or all of the property being managed, as the case requires; or (b) if the advance is made in respect of part only of that property— the particular property in respect of which the advance is made. (4) A charge on property created under this section in connection with an advance shall rank next in priority to any mortgage or other charge registered against or secured on the property of which the public trustee and guardian has notice at the time of making the advance.