Victorian Current Acts Victorian Current Acts(1) Income received from the investment of the moneys forming part of the Common Fund shall be part of that Fund and shall be credited to an account to be called the "Income Suspense Account" and shall be allocated therefrom as hereinafter provided.
(2) On each amount at credit in the Common Fund interest at the appropriate rate fixed from time to time by the Trusts Corporation shall at all such times and intervals as the Trusts Corporation determines be allocated and transferred from the Income Suspense Account to the credit of each other trust or account entitled for the time being to the interest on the said amount; and the Trust Corporation may fix different rates of interest according to the source and nature of the different amounts invested in the Common Fund, the periods for which they are so invested and such other factors as the Trusts Corporation considers relevant.
(3) No trust or account shall be entitled in respect of any amount at credit in the Common Fund to any further or other interest than the interest allocated and paid as provided in the last preceding sub-section.
(4) At such time or times in each year as the Trusts Corporation determines such amount of the moneys at credit in the Income Suspense Account as the Trusts Corporation deems necessary shall, after providing for all interest to be carried to the credit of each trust and account as aforesaid, be carried to the credit of an account to be called the "Common Fund Reserve Account".
(5) All capital profit made upon the realization of investments from the Common Fund shall also be carried to the credit of the Common Fund Reserve Account and all capital losses incurred upon such realization carried to the debit of that account.
(6) Moneys standing to the credit of the Common Fund Reserve Account may be withdrawn and applied for all or any of the following purposes—
(a) payment of any costs and expenses incurred in protecting investments made from the Common Fund;
(b) payment of such other costs expenses and charges incurred in respect of the Common Fund or investments made therefrom as in the opinion of the Trusts Corporation are properly chargeable against the Common Fund Reserve Account;
(c) payment of any legal costs expenses and charges not ordered by the court to be charged against a particular trust and not otherwise properly chargeable against a particular trust;
(d) payment of any legal costs expenses and charges not ordered by the court to be charged against a particular trust but otherwise properly chargeable against a particular trust where the funds in the particular trust are insufficient to meet such costs expenses and charges; and
(e) payment of any costs expenses and charges incurred by the Trusts Corporation in obtaining legal advice or in legal proceedings to which the Trusts Corporation is or is made a party where such costs expenses and charges are such that, by reason of the general importance of the subject-matter of the advice or proceedings, they should not, in the opinion of the Trusts Corporation, be charged against a particular trust.
S.
14C
inserted by No. 7310 s. 3.