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GRAMMAR SCHOOLS ACT 2016 - SECT 27
Management of investment common funds
27 Management of investment common funds
(1) A board must periodically distribute the income of an investment common
fund among each fund forming the investment common fund (each a
"component fund" ), having regard to the share of each component fund in the
investment common fund during the period in which the income is derived.
(2)
Despite subsection (1), the board may— (a) add a part of the income of the
investment common fund to the fund’s capital; or
(b) use a part of the
income to establish or augment another fund as a provision against capital
depreciation or reduction of income.
(3) If a component fund is comprised of
an amount allocated for spending for a stated purpose, the board may pay all
or part of the interest that would have been distributed to the component fund
for the amount to its general account to the extent the interest is not
required for the stated purpose.
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