194CBanking and investment of suitors' funds

194C Banking and investment of suitors' funds

[Section 194C Inserted by No. 4 of 1963, s. 3 ]**[Section 194C Amended by No. 92 of 1974, s. 6 and Sched. 1 ]

(1)  [Section 194C Subsection (1) amended by No. 74 of 1999, Sched. 2, Applied:01 Jan 2000] *[Section 194C Subsection (1) amended by No. 62 of 1996, s. 3 and Sched. 1 ]*All moneys in court shall, subject to the Rules of Court , be paid as soon as practicable after payment into or deposit in court, into an authorised deposit-taking institution approved by the Treasurer or into the Treasury.

(2)  [Section 194C Subsection (2) amended by No. 74 of 1999, Sched. 2, Applied:01 Jan 2000] *[Section 194C Subsection (2) amended by No. 92 of 1974, s. 6 and Sched. 1 ]**[Section 194C Subsection (2) amended by No. 62 of 1996, s. 3 and Sched. 1 ]*Subject to the Rules of Court and to any order of the Court or a judge moneys paid into an authorised deposit-taking institution or into the Treasury under subsection (1) shall be invested by the Registrar–

(a) in such securities as are mentioned in section 5 of the Trustee Act 1898 ;

(b) by deposit at interest in the Treasury; or

(c) in any other security in which he is authorized by the Rules of Court to invest–

with power to vary investments and where he thinks proper to postpone, or refrain from, investment.

(3)  The interest or other income from investment under this section shall be dealt with as prescribed by the Rules of Court .