New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) Any money, being capital of the Trust Fund within the meaning of section 23, held by or on behalf of the Trust, and not required for any other purpose, may from time to time be invested in accordance with the provisions of the Trustee Act 1956 as to the investment of trust funds.
(2) Notwithstanding any rule of law or equity to the contrary, the Trust shall not be obliged to convert any property which is the subject of a gift to the Trust and which is not property in which the Trust may properly invest money pursuant to subsection (1).
(3) Any money, being income of the Trust within the meaning of section 23, may, at the discretion of the board, from time to time be invested in accordance with the provisions of the Trustee Act 1956 as to the investment of trust funds.
Section 25: substituted, on 1 October 1988, by section 14(1) of the Trustee Amendment Act 1988 (1988 No 119).
