Bankruptcy Act. Australia

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СКАЧАТЬ 2 Common Investment Fund

      20A Interpretation

      In this Division, unless the contrary intention appears:

      Common Fund means the Common Investment Fund established in pursuance of section 20B.

      Equalization Account means the Common Investment Fund Equalization Account continued in existence by section 20G.

      20B The Common Investment Fund

      (1) The Official Trustee shall open and maintain an account to be known as the Common Investment Fund.

      (2) All moneys (other than moneys to which subsection (8) applies) received by the Official Trustee after the commencement of this section shall be paid into the Common Fund.

      (3) All moneys (other than moneys to which subsection (8) applies) held by the Official Trustee at the commencement of this section, including moneys that, at that time, are held on deposit with a bank under subsection 172(1), and all investments made under that subsection and held by the Official Trustee at that time, shall form part of the Common Fund.

      (4) The Official Trustee shall open and maintain, with an ADI or ADIs, such accounts for the purposes of the Common Fund as are necessary for the purposes of the Common Fund.

      (6) The payment of moneys into an account referred to in subsection (4) shall be deemed to be the payment of those moneys into the Common Fund.

      (7) Any payment that the Official Trustee is authorized, required or permitted, by or under a provision of this Act, to make out of moneys standing to the credit of the estate of a bankrupt or a deceased debtor shall be made out of moneys in the Common Fund.

      (7A) Any payment that the Official Trustee is authorised, required or permitted to make under:

      (a) a debt agreement; or

      (b) a personal insolvency agreement;

      is to be made out of money in the Common Fund.

      (8) This subsection applies to moneys held or received by the Official Trustee:

      (a) under a direction given, or order made, under section 50; or

      (c) as the controlling trustee in relation to a debtor whose property is subject to control under Division 2 of Part X.

      20D Investment of money in Common Fund

      (1) The moneys in the Common Fund not immediately required for the purposes of this Act may be invested by the Official Trustee:

      (a) in public securities; or

      (b) in a loan the repayment of which is guaranteed by the Commonwealth, a State or a Territory; or

      (c) in a loan to a municipal corporation or other local governing body in Australia; or

      (d) in a loan to, or on deposit with, an ADI; or

      (e) in bank bills accepted or endorsed by an ADI.

      (4) The Official Trustee:

      (a) shall endeavour to ensure that the moneys in the Common Fund lodged in accounts at call with an ADI or ADIs are, as far as practicable, at all times sufficient to meet the payments that under this Act are to be made out of moneys in the Common Fund; and

      (b) will ensure that moneys in the Common Fund that, in the opinion of the Official Trustee, are not required to be kept in accounts at call with an ADI or ADIs in accordance with paragraph (a) are, as far as practicable, invested in accordance with subsection (1).

      (6) Interest derived from the investment of moneys in the Common Fund is not subject to taxation under a law of the Commonwealth, a State or a Territory of the Commonwealth.

      (7) The Common Fund is not subject to taxation under a law of the Commonwealth, or to taxation under a law of a State or Territory of the Commonwealth to which the Commonwealth is not subject, and the Official Trustee is not otherwise subject to taxation under such a law in respect of anything done in the exercise of powers conferred on it by subsection (1).

      (8) In this section, public securities means:

      (a) bonds, debentures, stock and other securities issued under an Act;

      (b) bonds, debentures, stock and other securities issued by:

      (i) a State;

      (ii) a Territory;

      (iii) a municipal corporation or other local governing body; or

      (iv) a public authority constituted by or under a law of a State or Territory of the Commonwealth;

      (c) securities issued in respect of a loan to a body (whether incorporated or not) whose principal business is the supply and distribution, by a system of reticulation, in Australia or in a Territory of the Commonwealth, of water, gas or electricity; and

      (d) other securities specified in the regulations as public securities for the purposes of this section;

      but does not include:

      (e) securities referred to in paragraph (a) or (b) that are issued in respect of a loan raised outside Australia and the Territories of the Commonwealth unless the securities are public securities for the purposes of the Income Tax Assessment Act 1936; or

      (f) securities issued after 12 April 1976 by an ADI.

      20E Borrowing for the Common Fund

      (1) Where the Official Trustee is of the opinion:

      (a) that moneys in the Common Fund deposited in accounts at call with an ADI or ADIs are likely to be insufficient to meet payments that under this Act are to be made out of moneys in the Common Fund; and

      (b) that it would be undesirable to convert into money investments made under section 20D for the purpose of enabling those payments to be so made;

      the Official Trustee may apply to the Finance Minister to borrow from the Commonwealth under this section moneys not exceeding such amount as is specified in the instrument.

      (2) The Finance Minister may, on behalf of the Commonwealth, lend to the Official Trustee, on such terms and conditions as he or she determines, moneys that the Official Trustee has applied under subsection (1) to borrow.

      (3) Moneys borrowed by the Official Trustee from the Commonwealth under this section shall be paid into the Common Fund.

      (4) Interest is not payable on moneys lent to the Official Trustee by the Commonwealth under this section.

      (5) Moneys lent to the Official Trustee by the Commonwealth under this section shall be paid out of moneys available under an appropriation made by the Parliament.

      20F Moneys in Common Fund not held on account of particular estates etc.

      (1) No moneys in the Common Fund shall be held, or be deemed for any purpose to be held, on account of any particular СКАЧАТЬ