Section 25

Any amount standing to the credit of the Common Fund established under section 10 of the Public Trustee Act 1950 as in force before the commencement of this Act shall on the appointed date be transferred to the Common Fund.

Subject as hereinafter provided, any investment of capital moneys belonging to any estate which are held by the Corporation after the appointed date may be taken over and included in the investment account of the Common Fund.

All investments taken over under subsection (3) shall be taken over at the market rate ruling at the date of the taking over, less any interest accrued at such 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 Corporation, is likely to continue to be readily realizable. For the purposes of this subsection, interest shall be deemed to accrue from day to day and shall be apportionable in respect of time accordingly.

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.

Exclusions from Common Fund