Clause 12

The Board must determine a schedule of regular periods in each year (each called a basis period) for the purpose of calculating and paying to the relevant estates the income earned during each basis period from the investment of the Common Fund.(2) The Public Trustee must, no later than the 45th day after the last day of each basis period determined under subsection (1), by notification in the Gazette, specify the income payable to the respective estates for each basis period, expressed as a rate of return on the investment of the Common Fund during that basis period.Manner of calculating and paying income to estates12A.—

The income payable to an estate the moneys of which form part of the Common Fund and which are subject to investment during any part of a basis period, is the total of the prescribed amount for every day in the same basis period in which moneys in the estate are subject to investment.(2) In subsection (1), “prescribed amount”, in relation to any day in a basis period, means —whereYis the distributable sum for the basis period; VEis the amount of money from the estate which is subject to investment on that day; VCFis the amount of money in the Common Fund which is subject to investment on that day; and VAggis the aggregate value of VCF for all days in the basis period in which moneys in the Common Fund are subject to investment.(3) In subsections (1) and (2), moneys are subject to investment if they have been invested, and the investment has not been sold or liquidated.(4) The income payable to an estate which is ascertained in accordance with subsection (1), after rounding down to the nearest cent, must be distributed to the estate no later than the 45th day after the last day of the basis period to which the income relates.(5) Any part of the income which is not distributed as a result of the rounding down under subsection (4) must be carried forward for distribution in the next basis period.(6) In this section —“distributable sum”, in relation to a basis period, means the income earned in the basis period from all investments made on account of the Common Fund, including —

any transfers from the Reserve Fund which are made or to be made in accordance with rules made for the purposes of section 15A(3), for the purpose of supplementing that distributable sum; and

any undistributed income carried from the immediately preceding basis period in accordance with subsection (5),less any lawful charges, and any moneys or income which is or is to be transferred and credited to the Reserve Fund under section 15A(4) during the same basis period or before the expiry of the 45th day after the last day of that basis period;“lawful charges” includes —

any fees chargeable by the Public Trustee upon the receipt of income earned during the basis period in question from investments of the Common Fund; and

any expenses incurred in the basis period in question by the Public Trustee in respect of the investments of the Common Fund by the Public Trustee.”.