Clause 15

There is to be a fund called the Reserve Fund.(2) Any credit balance at the date immediately before the date of commencement of the Public Trustee (Amendment) Act 2014 in the reserve fund referred to in section 14(4) of the Public Trustee Act in force immediately before that date shall be transferred to the Reserve Fund, and shall constitute its credit balance on that date.(3) The Reserve Fund is to be under the control of the Board and may be dealt with by the Board in such manner as may be prescribed.(4) The following moneys may, with the sanction of the Board, be transferred and credited to the Reserve Fund:

such capital gains from the disposal of such investment or class or description of investments made on account of the Common Fund as the Board may determine to be reasonable —

to meet any possible future shortfall in the Common Fund arising from losses on any investment made on account of the Common Fund; and

to supplement the distributable sum for a basis period referred to in section 12A in the event that —

losses are incurred during the basis period on any investment made on account of the Common Fund; or

there is no income earned during the basis period from investments made on account of the Common Fund;

such amount of the income on such investment of moneys in the Common Fund as the Board may determine, for the purpose of meeting any known or expected shortfall in the Common Fund arising from the disposal of that investment.”.