Section 29
General Reserve Fund
of Public Trust Corporation Act 1995
Any amount standing to the credit of the reserve fund established under subsection 14(4) of the Public Trustee Act 1950
25
Public Trust Corporation as in force before the commencement of this Act shall on the appointed date be transferred to the credit of the General Reserve
Fund.
(2)
The Corporation may direct such part of the balance standing to the credit of the income account of the Common Fund at the end of the preceding year (after deducting the interest payable to the beneficiaries and other lawful charges) to be carried to the credit of the General Reserve Fund.
(3)
The General Reserve Fund shall be used for—
(a)
meeting losses arising on the disposal of the investment of the Common Fund;
(b)
maintaining reasonable rates of interest payments or payment of prescribed interest on capital moneys in the
Common Fund;
(c)
carrying out the general purposes of the Common Fund;
or
(d)
such other purposes as the Minister may by rules prescribe.
(4)
The General Reserve Fund may be invested by the
Corporation in such investments as are permitted by law for the investment of trust funds or may be deposited in any bank.