5D.2.04
In forceEstablishment of common funds
Chapter 5DLicensed trustee companies
Part 5D.2Powers etc of licensed trustee companies
Division 2.2Common funds
5D.2.04 Establishment of common funds
(1)
A licensed trustee company may:
(a)
establish accounts within a common fund; and
(b)
establish a common fund on the basis of units or another suitable basis.
(2)
If the common fund includes money that is not estate money and that is not otherwise held in trust, the licensed trustee company is taken to hold the money in trust for the person on whose behalf the money is invested in the common fund.
This Act’s bill:Explanatory statement
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