BANKRUPTCY ACT 1966

PART II - ADMINISTRATION  

Division 2 - Common Investment Fund  

SECTION 20B   THE COMMON INVESTMENT FUND  

20B(1)  
The Official Trustee shall open and maintain an account to be known as the Common Investment Fund.

20B(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.

20B(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.

20B(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.

20B(5)  
(Repealed by No 106 of 2010, Sch 3 item 9.)

20B(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.

20B(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.

20B(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.

20B(8)  
This subsection applies to moneys held or received by the Official Trustee:


(aa) acting in accordance with an order of a court relating to the payment of a debt due by a person to the Commonwealth or a Commonwealth authority; or


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


(b) (Omitted by No 168 of 1986, s 3, Sch 1.)


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


(d) - (e) (Omitted by No 168 of 1986, s 3, Sch 1.)




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