Levy against common fund
28 Levy against common fund
(1) The Public Trustee must charge against each common fund a levy in respect of each month or part of a month that the Public Trustee manages the fund.
(2) The levy charged against a common fund is not to exceed the prescribed percentage of the value of the common fund.
The value of a common fund:
(a) is to be calculated in accordance with the prescribed method of calculation; or
(b) if no method of calculation is prescribed under paragraph (a) –is to be calculated daily and is the minimum amount of the balance of the common fund for that day.
(4) Before deciding the levy to be charged under this section, the Public Trustee must take into account the advice of the Treasurer as to the value of the indemnity provided under section 97(4) and any guarantee provided under section 97(7).
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