Victorian Current Acts Victorian Current ActsS. 23(1) amended by Nos 127/1993 s. 9(3)(a), 40/2019 s. 78(6).
(1) Any trustee unless expressly forbidden by the instrument (if any) creating the trust may invest any trust funds in the trustee's hands in any debentures or stock issued by the Authority under the authority conferred by this Act.
(2) Such debentures and stock shall be a lawful investment for any moneys which any company or body corporate incorporated by or under any Act of the Parliament of Victoria is authorized or directed to invest in addition to any other investments expressly authorized for the investment of such moneys.
S. 23(3) amended by No. 40/2019 s. 78(7).
(3) Any trustee or company or body corporate as aforesaid may pursuant to this Act convert any such debentures in the hands of the trustee, company or body corporate (as the case may be) into such stock.
S. 23(4) amended by No. 127/1993 s. 9(3)(b).
(4) No notice of any trust express implied or constructive shall be received by the Authority or by any officer of the Authority in relation to any debenture or any stock issued under this Act, and the Authority or any such officer shall not be bound to see to the execution of any such trust to which any such debenture or any part of the said stock may be subject.
S. 23(5) amended by No. 127/1993 s. 9(3)(c).
(5) A person advancing moneys to the Authority and receiving in consideration of such advance any debenture or stock issued under this Act shall not be bound to inquire into the application of the moneys advanced or be in any way responsible for the non-application or misapplication thereof.