33Transfer of securities to Public Trustee

33 Transfer of securities to Public Trustee

[Section 33 Inserted by No. 36 of 1958, s. 4 and Sched. 4 ]

(1)  Where any moneys that are required by section 32 to be paid to the Public Trustee are invested in securities, those moneys shall, notwithstanding the investment, be deemed to be, and to remain, moneys within the meaning and for the purposes of that section, and a reference in that section to the payment of any moneys shall, in the case of moneys that are so invested, be construed as a reference to the transfer of the securities for the time being representing those moneys.

(2)  *[Section 33 Subsection (2) amended by No. 20 of 1995, s. 5 and Sched. 3 ]*In the case of moneys that are so invested, in lieu of the provisions of section 32 relating to interest the interest that is actually received by the Public Trustee in respect of any security shall, until the maturity thereof, be credited to the particular estate in respect of which the security is held, and, on the maturity of the security, shall be added to the capital moneys arising therefrom and thenceforth those capital moneys and the interest thereon shall form part of the common fund, within the meaning of the Public Trustee Act 1930 .