18CInvestment in common fund, &c.

18C Investment in common fund, &c.

[Section 18C Inserted by No. 64 of 1985, s. 14 ]**[Section 18C Subsection (13) amended by No. 74 of 1993, s. 4 ][Section 18C Subsection (13) amended by No. 22 of 2000, s. 7, Applied:16 Jun 2000] [Section 18C Subsection (13) amended by No. 22 of 2000, s. 7, Applied:16 Jun 2000] [Section 18C Substituted by No. 49 of 2010, s. 15, Applied:01 Jan 2011]

(1)  In this section –

common fund means a common fund within the meaning of Division 3 of Part 5D.2 of Chapter 5D of the Corporations Act.

(2)  A trustee company may invest any money in its hands –

(a) on the separate account of the trust estate to which the money belongs; or

(b) in a common fund if –

(i) the trust deed, will or other instrument governing the money does not direct that it be invested in a specific manner; and

(ii) investment in a common fund is not inconsistent with that trust deed, will or instrument; and

(iii) the investment is restricted to classes of investments in which the money might lawfully be invested on its separate account.

(3)  A trustee company is to invest the money comprised in a common fund in investments authorised by the Trustee Act 1898 .

(4)  To the extent that Division 3 of Part 5D.2 of Chapter 5D of the Corporations Act or regulations in force under the Corporations Act provide for the establishment of common funds, the provisions of that Act or those regulations prevail over this section.