Commonwealth Numbered Acts

CRIMINOLOGY RESEARCH AMENDMENT ACT 1986 No. 123 of 1986 - SECT 19

19. After section 32 of the Principal Act the following section is inserted:
Trust moneys

"32A. (1) The Institute shall ensure that all moneys received or held by the
Institute on trust are paid into an account opened and maintained pursuant to
section 30 that does not, or accounts referred to in that section that do not,
contain any moneys of the Institute not held on trust.

"(2) Notwithstanding any other provision of this Division -

   (a)  moneys or other property held by the Institute on trust shall be
        applied or dealt with only in accordance with the powers and duties of
        the Institute as trustee; and

   (b)  moneys held by the Institute on trust may be invested -

        (i)    in any manner in which the Institute is authorized to invest
               those moneys by the terms of the trust; or

        (ii)   in any manner in which trust moneys may, for the time being, be
               invested under law,
but not otherwise.

"(3) Section 32 has effect as if -

   (a)  the reference in that section to transactions and affairs included a
        reference to transactions and affairs relating to moneys or property
        received or held by the Institute on trust; and

   (b)  the reference in that section to moneys or to assets included a
        reference to moneys, or assets, as the case may be, received or held
        by the Institute on trust.

"(4) Section 33 has effect as if -

   (a)  the reference in paragraph (2) (c) to the receipt and expenditure of
        moneys by the Institute included a reference to the receipt by the
        Institute of moneys to be held on trust and the expenditure by the
        Institute of moneys held on trust, respectively; and

   (b)  the reference in paragraph (2) (c) to the acquisition and disposal of
        assets by the Institute included a reference to the acquisition by the
        Institute of assets to be held on trust and the disposal by the
        Institute of assets held on trust, respectively.

"(5) Section 49 has effect as if -

   (a)  the reference in paragraph (1) (a) to financial transactions included
        a reference to transactions relating to moneys or assets received or
        held by the Institute on trust;

   (b)  the reference in sub-paragraph (1) (c) (i) to assets included a
        reference to assets received or held by the Institute on trust;

   (c)  the reference in sub-section (5) to the receipt or payment of moneys
        by the Institute included a reference to the receipt by the Institute
        of moneys to be held on trust or to the payment by the Institute of
        moneys held on trust, as the case may be; and

   (d)  the reference in sub-section (5) to the acquisition, receipt, custody
        or disposal of assets by the Institute included a reference to the
        acquisition or receipt by the Institute of assets to be held on trust
        or the custody or disposal by the Institute of assets held on trust,
        as the case may be.".