New South Wales Consolidated Acts

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Investments of deposits

214 Investments of deposits

(cf former s 21)

(1) Every amount of money deposited with the Authority by a person under this Division shall be invested and re-invested from time to time as occasion requires in any manner for the time being authorised for the investment of trust funds.
(2) The interest on any such investment shall be paid to the person depositing the sum of money.
(3) The investment and redemption shall be at par.
(4) If a person to whom interest would otherwise be payable under this section is in breach of any obligation arising under this Division to deposit an additional amount of money with the Authority, the Authority may, instead of paying the interest to the person, apply the interest in full or partial satisfaction of the person's obligation to make the additional deposit. Any amount of interest so applied by the Authority is taken to have been deposited with the Authority by the person concerned.

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