Commissions etc.
42 Commissions etc.
Out of the annual income of a trust fund in an investment common fund, the University may periodically deduct an amount not exceeding 5% of the annual income of that trust fund as commission for the administration of that trust fund.
The commission deducted in accordance with subsection (1) is to be received and accepted by the University as full payment to it for the costs of administration of the trust fund.
The University must not make any other charges on the trust fund in addition to the commission received under subsection (2) except in accordance with the trust instrument.
This Act’s bill:Explanatory memorandumSecond reading speech
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