New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) The funds of a group investment fund must be invested, as determined by Public Trust at the time the fund is established,—
(a) in any class or classes of investments authorised by the instrument (if any) creating the trust under which the money is held (whether or not those investments meet the requirements of the Trustee Act 1956 as to the investment of trust funds); or
(b) in accordance with the provisions of the Trustee Act 1956 as to the investment of trust funds.
(2) Any profit or loss upon the realisation of any investment in a group investment fund is to be credited or debited to the group investment fund.
(3) Investments from a group investment fund are not to be made on account of or belong to any particular estate, but Public Trust must keep an account showing at all times the entitlement of each estate in the fund.
Compare: 1957 No 36 s 42A(2), (7), (10)
