New Zealand Legislation: Acts

23 National Trust Fund

• (1) There is hereby established a fund to be known as the National Trust Fund, which shall be the fund of the Trust.

  (2) The capital of the Trust Fund shall consist of the following money:

  • (a) All money received by the Trust out of money appropriated by Parliament as capital grants for the purposes of the Trust:

  • (b) All money lawfully contributed, donated, or bequeathed to the Trust except—

    • (i) The income arising from any shares, debentures, or other similar securities that are held on behalf of the Trust and are the subject of a gift to the Trust; and

    • (ii) Any money paid to the Trust in the form of an annuity or with an express direction by the donor that it is to be applied as income:

  • (c) All money derived from the sale of any Trust land:

  • (d) All income transferred to capital under subsection (4) of this section.

  (3) The income of the Trust Fund shall consist of:

  • (a) All money received by the Trust out of money appropriated by Parliament as income grants for the purposes of the Trust:

  • (b) All income derived from the investment of money by or on behalf of the Trust under this Act:

  • (c) All income derived from the administration of property held by or on behalf of the Trust:

  • (d) All money derived from the leasing of land or resulting from any agreement entered into by the Trust under this Act:

  • (e) All money derived from subscriptions by members of the Trust:

  • (f) All other money not forming part of the capital of the Trust Fund.

  (4) Any income of the Trust Fund not for the time being required for expenditure under this Act may, at the discretion of the Trust, be transferred to the capital of the Trust Fund, whether or not the income has been invested under section 25(3) of this Act.