Australian Capital Territory Current Acts

LIFETIME CARE AND SUPPORT (CATASTROPHIC INJURIES) ACT 2014 - SECT 80

    (1)     An amount in an LTCS fund banking account that is not immediately needed for a purpose mentioned in section 79 may be invested—

        (a)     by the Treasurer, for the LTCS fund banking account, in an investment mentioned in the Financial Management Act 1996

, section 38 (1) (a) to (e); or

        (b)     in any other way prescribed by the LTCS fund investment guidelines.

    (2)     For subsection (1) (a), the investment must be consistent with any investment prescribed by the LTCS fund investment guidelines.

    (3)     Transfers between the territory banking account and LTCS fund banking accounts to facilitate investment may be made without appropriation.

    (4)     Returns received by the Territory for the investment of amounts from an LTCS fund banking account must be paid into an LTCS fund banking account.

    (5)     Any fees or expenses reasonably incurred in making or managing an investment of an amount from an LTCS fund banking account may be deducted from the investment.

    (6)     Returns that must be paid into an LTCS fund banking account under subsection (4) may be paid into the account directly or through the territory banking account.

    (7)     If returns to be paid to an LTCS fund banking account are paid into the territory banking account under subsection (6), the returns may be paid to the LTCS fund banking account from the territory banking account without further appropriation.