Grammar Schools Act 2016

A board must periodically distribute the income of an investment common fund among each fund forming the investment common fund (each a component fund), having regard to the share of each component fund in the investment common fund during the period in which the income is derived.

Despite subsection (1), the board may—

add a part of the income of the investment common fund to the fund’s capital; or

use a part of the income to establish or augment another fund as a provision against capital depreciation or reduction of income.

If a component fund is comprised of an amount allocated for spending for a stated purpose, the board may pay all or part of the interest that would have been distributed to the component fund for the amount to its general account to the extent the interest is not required for the stated purpose.