Commission may hold money on trust

Current

(1)

The Commission may accept money or property on trust and may, in accordance with the Trustee Act 1893, act as trustee of money or other property held by it on trust.

(2)

The Commission shall hold money received by it on trust separate from other money held by the Commission.

(3)

Money held by the Commission on trust may be invested by the

Commission in any manner in which trust funds may, for the time being, be invested under the Trustee Act 1893, but not otherwise.

This Act’s bill:Second reading speech

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11 Commission may hold money on trust