James Cook University Act 1997

The university may establish an investment common fund for the collective investment of trust funds or other amounts held by it.

The university may add amounts to or withdraw amounts from the investment common fund, without incurring any liability for breach of trust.

The university must periodically distribute the income of the investment common fund among each of the funds forming the investment common fund (a component fund) having regard to the share of each component fund in the investment common fund.

Despite subsection (3), if a component fund consists of an amount received for use for a stated purpose and the amount can not or will not be used for the purpose immediately, income attributable to the share of the amount in the investment common fund may be paid into the general funds of the university if the income is not needed immediately for the stated purpose.

Also, despite subsection (3), the university 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 to make provision against capital depreciation or reduction of income.