Section 23
of Public Trust Corporation Act 1995
ActIn forceProvision 23 of 43
Section 23
(1)
The Corporation may establish and keep in any bank in its name—
(a)
a general account in which trust funds may be kept temporarily pending their investment; and
(b)
as many special and trust accounts as are necessary to enable the Corporation to perform the duties and functions and exercise the powers of the Corporation.
(2)
Any amount standing to the credit of the general accounts of the Public Trustee and the Official Administrator immediately before the appointed date shall be transferred to the general account established under paragraph (1)(a).