Powers of Commonwealth etc. trustee to invest trust funds
434 Powers of Commonwealth etc. trustee to invest trust funds
This section applies if:
a trustee appointed under section 432 is the Commonwealth or an APS employee; or
the Commission assumes the office of trustee under section 432.
A trustee may invest any trust funds not applied for the benefit of a person in any manner prescribed by the regulations.
If a trustee is a trustee in respect of 2 or more persons who are entitled to compensation or other benefits mentioned in paragraph 432(1)(a), then the trustee may pool those persons’ trust funds for the purposes of investing the funds.
However, a trustee must not pool trust funds or invest pooled trust funds in a way that prevents the trust funds from being identified sufficiently to allow paragraph 433(3)(a) to be complied with.
A trustee in respect of payments of compensation or other benefits mentioned in paragraph 432(1)(a) may:
arrange for another person to manage the trust funds; and
transfer the funds to the other person for the purposes of the arrangement.
However, making an arrangement or transferring funds does not relieve the trustee of any duties or liabilities as trustee.
The Commonwealth:
may charge fees (whether by way of commission or otherwise) for the services of a trustee in respect of payments of compensation or other benefits in accordance with the regulations; and
is entitled to reasonable expenses incurred by the trustee in rendering the services.
The fees and expenses may be paid from the trust funds.
This provision refers to the regulations (prescribed by the regulations
, the regulations
). Made under this Act:
- MRCA Pharmaceutical Benefits Scheme (No. MRCC 44/2013) · Legislative Instrument · under s 286(3)
- MRCA Private Patient Principles 2004 (6 August 2015) · Legislative Instrument · under para 286(1)(b) and s 286(3)
- Military Rehabilitation and Compensation (Access to Non-Liability Health Care for Malignant Neoplasia and Pulmonary Tuberculosis Treatment) Determination 2026 · Legislative Instrument · under s 284A(1)(a), (d)
9 more instruments made under this Act are listed on the Act’s overview.
This Act’s bill:Explanatory memorandumSecond reading speech
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