Comparison View

Formal Consolidation |  1985 RevEd
Formation of common fund
10.—(1)  Subject as hereinafter provided all capital moneys available for investment which come into the hands of the Public Trustee shall form one common fund and may from time to time be invested in any investments permitted by law for the investment of trust funds.
(2)  Any investments of capital moneys belonging to any estate in the hands of the Public Trustee may, subject as hereinafter provided, be taken over and included in the investment account of the common fund.
(3)  All investments taken over under subsection (2) shall be taken over at the market rate ruling at the date of the taking over less any interest accrued at that date and no such investment shall be taken over unless it is an investment permitted by law for the investment of trust funds and in the opinion of the Board is and is likely to continue to be readily realizable. For the purpose of this section interest shall be deemed to accrue from day to day and shall be apportionable in respect of time accordingly.
(4)  Any investment made on account of the common fund or included in its investment account shall not be made or held on account of or belong to any particular estate.
Informal Consolidation | Amended Act 44 of 2014
Common Fund
10.—(1)  All capital moneys available for investment which come into the hands of the Public Trustee are to be placed in a fund known as the Common Fund.
[Act 44 of 2014 wef 31/12/2014]
(1A)  Any credit balance at the date immediately before the date of commencement of the Public Trustee (Amendment) Act 2014 in the common fund referred to in section 10(1) of the Public Trustee Act in force immediately before that date shall be transferred to the Common Fund, and shall constitute its credit balance on that date.
[Act 44 of 2014 wef 31/12/2014]
(1B)  All moneys in the Common Fund may from time to time be invested by the Public Trustee in any investments permitted by law for the investment of trust funds.
[Act 44 of 2014 wef 31/12/2014]
(1C)  No investment may be made on account of the Common Fund by the Public Trustee, and no investment made on account of the Common Fund may be disposed of by the Public Trustee, without the sanction of the Board.
[Act 44 of 2014 wef 31/12/2014]
(1D)  The Board may grant the sanction referred to in subsection (1C) with reference to any class or description of investments and upon such conditions as the Board may specify.
[Act 44 of 2014 wef 31/12/2014]
(1E)  Subject to section 15A(4), all income received from the investments of capital moneys in the Common Fund is to be credited to the Common Fund.
[Act 44 of 2014 wef 31/12/2014]
(2)  Any investments of capital moneys belonging to any estate in the hands of the Public Trustee may, subject as hereinafter provided, be taken over and included in the Common Fund.
[Act 44 of 2014 wef 31/12/2014]
(3)  All investments taken over under subsection (2) are to be taken over at their market value at the date of the taking over less any interest accrued at that date.
[Act 44 of 2014 wef 31/12/2014]
(3A)  No investment may be taken over under subsection (2) unless —
(a)the investment is one which is permitted by law for the investment of trust funds;
(b)the taking over of the investment is sanctioned by the Board; and
(c)the Board is of the opinion that the investment is and is likely to continue to be readily realisable.
[Act 44 of 2014 wef 31/12/2014]
(3B)  For the purposes of this section, interest is to accrue from day to day, and is apportionable in respect of time.
[Act 44 of 2014 wef 31/12/2014]
(4)  Any investment made on account of the Common Fund or taken over and included in the Common Fund shall not be made or held on account of or belong to any particular estate.
[Act 44 of 2014 wef 31/12/2014]
(5)  For the avoidance of doubt, it is hereby declared that section 7(3A) of the Financial Procedure Act (Cap. 109) shall not —
(a)restrict the investment of any moneys included in or forming part of the Common Fund; or
[Act 44 of 2014 wef 31/12/2014]
(b)preclude any investments permitted by law for the investment of trust funds from being taken over under subsection (2).
[Act 2 of 2012 wef 01/03/2012]