Commissions
48 Commissions
The University may periodically deduct an amount (not exceeding an amount determined by the Council of the total funds under management as part of the common fund) as commission for the administration of a common fund.
The rate of commission must not exceed the rate that the Public Trustee would usually charge as a management fee for the administration of a common fund.
The Council must not delegate the power to make a determination under subsection (1).
The commission deducted under subsection (1) is to be received and accepted by the University or fund manager (as the case requires) as full payment for the costs of administration of the common fund.
The University must not make any other charges on a trust fund in addition to the commission received under subsection (4) except in accordance with the trust instrument.
This Act’s bill:Second reading speech
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