18Blending of trust funds

18 Blending of trust funds

18 Blending of trust funds

(1) Where a body corporate holds money on trust for different purposes or activities it shall be lawful for the body corporate from time to time—

(a) to invest the money or any part or parts of the money as one fund, and

(b) to distribute income arising from the investment of the fund rateably for the benefit of carrying out the several purposes or activities for which the money invested is held on trust.

(2) Any loss arising from an investment in accordance with this section shall be distributed rateably to the detriment of carrying out the several purposes or activities for which the money invested is held on trust.

s 18: Ins 1986 No 191, Sch 1 (4).