Clause 10

by deleting subsection (1) and substituting the following subsections:“(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.(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.(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.(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.(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.(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.”;

by deleting the words “the investment account of the common fund” in subsection (2) and substituting the words “the Common Fund”;

by deleting subsection (3) and substituting the following subsections:“(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.(3A) No investment may be taken over under subsection (2) unless —

the investment is one which is permitted by law for the investment of trust funds;

the taking over of the investment is sanctioned by the Board; and

the Board is of the opinion that the investment is and is likely to continue to be readily realisable.(3B) For the purposes of this section, interest is to accrue from day to day, and is apportionable in respect of time.”;

by deleting the words “common fund or included in its investment account” in subsection (4) and substituting the words “Common Fund or taken over and included in the Common Fund”;

by deleting the words “common fund” in subsection (5)(a) and substituting the words “Common Fund”; and

by deleting the marginal note and inserting the following section heading:“Common Fund”.