Public Trustee Act 1978

All investments of the common fund shall be controlled and managed by a board to be called The Public Trust Office Investment Board (the board).

The board shall consist of at least 3 members 1 of whom shall be the public trustee and the others of whom shall be appointed by the Governor in Council for such term as the Governor in Council shall specify in the appointment in each case and 1 of whom shall be an officer of the department administered by the Treasurer.

At a meeting of the board 2 members thereof shall form a quorum.

The chairperson of the board shall be appointed by the Governor in Council from among the members thereof and shall preside at all meetings of the board at which the chairperson is present and in the chairperson’s absence or during any vacancy in the office of chairperson such 1 of those present shall preside as they shall choose between them.

Subject to subsection (6), the public trustee shall—

not invest funds from the common fund without the approval of the board first had and obtained; and

satisfy the board that every proposed such investment of funds by the public trustee is legally authorised and that the public trustee has done and executed or caused to be done and executed all such acts, matters, and things as the public trustee is, by this Act or by any other Act or law or by any relevant instrument, required to do and execute preliminary to such investment; and

account to the board continuously for every such investment made by the public trustee and produce to the board from time to time and at all times all such accounts, securities, and other documents, and all such information and reports as will enable the board to examine the then state of any such investment made by the public trustee or as may be required by the board; and

in the case of any such investment upon the security of a mortgage or other charge over property—report to the board any breach of any term or condition of such mortgage or charge and exercise against a defaulting mortgagor all such rights and remedies had and possessed by the public trustee as the board shall direct, and account to the board for the due and proper exercise by the public trustee of all such rights and remedies.

Notwithstanding anything hereinbefore contained this section shall not apply to the following matters, namely—

any advance made or to be made by the public trustee under and pursuant to the provisions of section 20 from moneys standing to the credit of the common fund in respect of any estate under administration or about to be administered by the public trustee;

any investment from time to time made by the public trustee—

in debentures issued by a Crown corporation or State instrumentality, which corporation or instrumentality is specially authorised to issue such debentures by the Act constituting such corporation or instrumentality, or in any loan issued by the Government of the Commonwealth or of any State; or

on account of a particular estate, whether made pursuant to the provisions of section 19(2) or otherwise in exercise of the public trustee’s powers; or

of a portion of the unclaimed moneys fund as and when directed by the Governor in Council so to invest the same under and in accordance with the provisions of section 25; or

on interest bearing deposit with a financial institution; or

with a dealer in the short-term money market, approved by the Reserve Bank of Australia as an authorised dealer, who has established lines of credit with that bank as a lender of last resort; or

prescribed by regulation.