Charles Darwin University Act 2003

(1) The Council may establish investment common funds to collectively invest the trust or other moneys of or in the custody of the University.

(2) The Council may, without liability for breach of trust, bring into or withdraw from an investment common fund the whole or any part of the trust or other moneys of or in the custody of the University.

(3) Subject to subsections (4) and (5), the Council must periodically distribute the income of an investment common fund among the funds participating in the common fund (having regard to the extent of the participation of each fund in the common fund during the relevant accounting period).

(4) If moneys received by the Council to be expended for a stated purpose have been brought into an investment account but cannot, or will not immediately be expended for that purpose, the Council may pay into the general funds of the University the whole or a part of the income of the investment common fund that is attributed to those moneys and which are not required for the stated purpose.

(a) add a portion of the income of an investment account to the capital of the investment common fund; or

(b) use a portion of the income of an investment account to establish or augment a fund as a provision against any capital depreciation or reduction of income.

(6) Moneys of the University (whether forming part of a common fund or not), including moneys held on trust or subject to a condition, must only be invested in a class of investment approved by the Treasurer.

(7) The powers conferred by this section or the By-laws relating to investment of property, must not be exercised by the Council in relation to a trust fund or other moneys if:

(a) the investment creating the trust expressly prohibits the Council from doing so; or

(b) the exercise of power would constitute a breach of a condition under which the fund or moneys was or were acquired.