UNIVERSITY OF QUEENSLAND ACT 1998 - SECT 48
Investment common fund
UNIVERSITY OF QUEENSLAND ACT 1998 - SECT 48
Investment common fund
48 Investment common fund
(1) The university may establish an investment common fund for the collective
investment of trust funds or other amounts held by it.
(2) The university may
add amounts to or withdraw amounts from the investment common fund, without
incurring any liability for breach of trust.
(3) The university must
periodically distribute the income of the investment common fund among each of
the funds forming the investment common fund (a
"component fund" ) having regard to the share of each component fund in the
investment common fund.
(4) Despite subsection (3) , if a component fund
consists of an amount received for use for a stated purpose and the amount can
not or will not be used for the purpose immediately, income attributable to
the share of the amount in the investment common fund may be paid into the
general funds of the university if the income is not needed immediately for
the stated purpose.
(5) Also, despite subsection (3) , the university may—
(a) add a part of the income of the investment common fund to the fund’s
capital; or
(b) use a part of the income to establish or augment another fund
to make provision against capital depreciation or reduction of income.
