18DPower of trustee company to mix funds for investment

18D Power of trustee company to mix funds for investment

[Section 18D Inserted by No. 64 of 1985, s. 14 ]

(1)  Where a trustee company holds for investment –

(a) money belonging to an estate of which it is the sole trustee; and

(b) money belonging to another estate of which it is sole trustee or to a person for whom it acts as agent to invest that money –

the trustee company may –

(c) invest all that money as one fund in one or several securities;

(d) distribute the income arising from those securities, after deducting all proper charges, rateably among the several estates and persons from which or from whom the money so invested was derived; and

(e) in the same manner debit any loss arising from the investment rateably to those several estates and persons.

(2)  Nothing in this section authorizes a trustee company to invest money belonging to any estate or person in a security in which that money could not lawfully be invested apart from this section.