Bankruptcy Act 1966

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 -

(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).

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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.

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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.

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History

S 172(4) inserted by No 12 of 1980, s 88.