Victorian Current Acts Victorian Current Acts(1) The Trusts Corporation may in its discretion invest any moneys in its hands whether or not they are subject to any express trust either—
(a) on the separate account of any trust; or
(b) (if the moneys are not directed to be invested in some other specified manner and investment in a Common Fund is not specifically prohibited by the terms of the trust governing the said moneys) as part of a "Common Fund" established and kept in the books of the Trusts Corporation.
(2) The Trusts Corporation shall have power to invest moneys (whether forming part of the Common Fund or not)—
(a) in any manner in which trust moneys may be invested by a trustee under the Trustee Act 1958 or any other Act;
(b) on deposit with any bank or State savings bank carrying on business in the Commonwealth of Australia;
(c) in the purchase or acquisition or improvement of freehold or leasehold land within the Commonwealth of Australia; or
(d) subject to such terms provisions and conditions as are prescribed by or under any general or special order of the Supreme Court or a Judge thereof, in any manner authorized by any such order.
(3) Investments made from moneys forming part of the Common Fund shall not be made on account of or belong to any particular trust, but the Trusts Corporation shall cause to be kept in the books of the Trusts Corporation an account showing at all times the current amount at credit in the Common Fund on account of each trust.
(4) (a) The Trusts Corporation may in its discretion make advances from the Common Fund for any purpose of or relating to the Church.
(b) Any sum so advanced shall be deemed an investment of moneys forming part of the Common Fund and shall bear interest at a rate fixed by the Trusts Corporation and the sum advanced and the interest thereon shall be deemed to be a charge on the assets of the Church.
(5) The Trusts Corporation may sell investments belonging to the Common Fund and may withdraw any of the moneys belonging to the Common Fund for any purpose of or relating to the exercise and discharge of its powers authorities duties and functions under this or any other Act or under any trust.
(6) The Trusts Corporation may in its discretion at any time withdrawn from the Common Fund any amount at credit in the Common Fund on the account of any trust and may invest such amount on the separate account of that trust.
(7) Amounts so withdrawn from the Common Fund shall as from the date of such withdrawal cease to have any claim for interest or otherwise from the Common Fund.
(8) No capital appreciation or depreciation in the value of any investments made from the Common Fund shall be deemed or taken to increase or diminish the amount at credit in the Common Fund on the account of any particular trust, and on the withdrawal from the Common Fund of any amount invested therein the trust in question shall be entitled to be credited with the actual amount which was so invested without regard to any such appreciation or depreciation.
S.
14B
inserted by No. 7310 s. 3.