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CCH Note: Modification Declaration FRLI No F2021L00261
(FRLI No F2021L00261, registered on 19 March 2021 and effective from 1 April 2021.)
Part VIII of the Act is modified by inserting Division 1A before Division 1:
Division 1A
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Interpretation
SECTION 154A INTERPRETATION
154A
In this Part, in its application to Part
X
, a reference to a registered trustee includes a reference to a controlling trustee and a trustee of a personal insolvency agreement.
]
History
Div 3 repealed by No 11 of 2016, s 3 and Sch 1 item 54, applicable in relation to the administration of regulated debtors
'
estates on and after 1 September 2017.
History
S 172 formerly read:
172 INVESTMENT OF SURPLUS FUNDS
172(1)
Where the balance standing to the credit of an estate account is in excess of the amount that in the opinion of the trustee is required for the time being to meet demands in respect of the estate, the trustee may
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(a)
place the excess or part of it on deposit in such bank and for such term as the trustee thinks fit;
(b)
deposit the excess or part of it in an account in a bank; or
(c)
invest the excess or part of it in public securities as defined by subsection 20D(8).
History
S 172(1) amended by No 74 of 1981, s 141; No 129 of 1989, s 52, Sch 4.
172(2)
Interest received in respect of moneys so deposited or invested forms part of the estate.
172(3)
Subsections (1) and (2) do not apply in relation to the estate of a bankrupt during any period during which the Official Trustee is the trustee of the estate.
History
S 172(3) inserted by No 12 of 1980, s 88.
172(4)
Where moneys standing to the credit of the estate of a bankrupt, or investments held on behalf of the estate of a bankrupt, vest in the Official Trustee in consequence of a change in the trustee of the estate, amounts received by the Official Trustee by way of interest on those moneys in respect of any period prior to the payment of those moneys into the Common Fund, or by way of interest on those investments prior to, or upon, the realization of those investments, form part of the estate.
History
S 172(4) inserted by No 12 of 1980, s 88.
For transitional provision of No 11 of 1997 relating to bank accounts and investments under s 169, former s 172
"
investment of surplus funds
"
and s 210, see note under s 169.
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