Establishment of common funds
46 Establishment of common funds
The University may establish 1 or more investment common funds for the collective investment of any trust funds and other funds held by or in the custody of the University.
Without liability for breach of trust—
the University may bring into or withdraw from any investment common fund the whole or any part of any trust fund or other fund held by or in the custody of the University; and
the University is taken to hold any investment common fund on behalf of and for the benefit of the common fund instead of the trust fund or other fund held by or in the custody of the University.
Subsection (2) applies despite any direction to the contrary, whether express or implied, contained in the trust instrument.
The collective investment of funds under this section does not affect any purpose or purposes for which a particular fund must be applied.
This Act’s bill:Second reading speech
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