(1) Pending the distribution of the whole or any part of the estate of an intestate, the personal representative may invest in any investments for the time being authorised by statute for the investment of trust money—
(a) the residue of money from any sale or conversion under section 70H; or
(b) so much of that money as has not been distributed.
(2) The personal representative has discretion to change an investment under subsection (1) to an investment of a similar nature.
(3) After payment of rates, taxes, rent, costs of insurance repairs and other outgoings properly attributable to income, the income, including net rents and profits of real estate (including chattels real), of so much of the deceased's estate which is not disposed of by will (if any) or is not required for the administration purposes required by this Part, may be treated and applied as income as from the death of the deceased, however that estate is invested.
Division 3—Distribution if intestate
leaves a partner
S. 70J inserted by No. 41/2017 s. 11.