(1) A local government
is to hold in the trust fund all money or the value of assets —
(a) that
are required by this Act or any other written law to be credited to that fund;
and
(b) held
by the local government in trust.
(2) Money or other
property held in the trust fund is to be applied for the purposes of, and in
accordance with, the trusts affecting it.
(3) Where money or
other property is held in the trust fund, the local government is to —
(a) in
the case of money, pay it to the person entitled to it together with, if the
money has been invested, any interest earned from that investment;
(b) in
the case of property, deliver it to the person entitled to it.
(4) Where money has
been held in the trust fund for 10 years it may be transferred by the local
government to the municipal fund but the local government is required to repay
the money, together with any interest earned from its investment, from that
fund to a person claiming and establishing a right to the repayment.
[Section 6.9 amended: No. 49 of 2004 s. 57.]