Victorian Current Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

CHILDREN, YOUTH AND FAMILIES ACT 2005 - SECT 177

State Guardianship Fund

    (1)     All money received by the Secretary as guardian of the estate of a child must be paid to the credit of an account established and kept in an authorised deposit-taking institution within the meaning of the Banking Act 1959 of the Commonwealth by the Secretary under the name of the "State Guardianship Fund".

    (2)     The Secretary must keep an account showing the current amount at credit in the Fund on account of each child.

    (3)     Money standing to the credit of a child in the Fund which is not immediately required for use by the child may be invested in any manner in which trust money may be invested by a trustee under the Trustee Act 1958 and interest earned must be credited to the account of the child at least once a year.

    (4)     Money standing to the credit of a child in the Fund may only be used for the benefit of the child and with the approval of the Secretary.

S. 177(5) amended by No. 61/2014 s. 67(a).

    (5)     On the Secretary ceasing to have sole parental responsibility for the child all money standing to the credit of the child in the Fund

        (a)     if the child is over 18 years of age, must be paid to the child; and

        (b)     in any other case, may be paid to the child or may, if the Secretary considers it to be in the interests of the child to do so, be retained (wholly or in part) in the Fund until the child is 18 years of age.

S. 177(6) amended by No. 61/2014 s. 67(b).

    (6)     The Secretary must, on ceasing to have sole parental responsibility for a child, notify the child of the amount standing to his or her credit in the Fund.

Division 3—Responsibility to provide information



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback