Section 10

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.

Any credit balance at the date immediately before 31 December 2014 in the common fund mentioned in section 10(1) of this Act in force immediately before 31 December 2014 is transferred to the Common Fund, and constitutes its credit balance on 31 December 2014.

The Public Trustee may from time to time invest all moneys in the Common Fund in any investments permitted by law for the investment of trust funds.

The Public Trustee must not make any investment on account of the Common Fund, or dispose of any investment made on account of the Common Fund, without the sanction of the Board.

The Board may grant the sanction mentioned in subsection (4) with reference to any class or description of investments and upon such conditions as the Board may specify.

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.

Any investments of capital moneys belonging to any estate in the hands of the Public Trustee may, subject to the following subsections and section 11, be taken over and included in the Common Fund.

All investments taken over under subsection (7) are to be taken over at their market value at the date of the taking over less any interest accrued at that date.

No investment may be taken over under subsection (7) unless —

For the purposes of this section, interest is to accrue from day to day, and is apportionable in respect of time.

Any investment made on account of the Common Fund or taken over and included in the Common Fund is not made or held on account of and does not belong to any particular estate.

To avoid doubt, it is declared that section 7(4) of the Financial Procedure Act 1966 does not —