(1) The school council or governing body of a beneficiary school to or on behalf of which money is paid under section 5.7A.24 holds the money on trust for the benefit of that school.
(2) The school council or governing body holding money for the benefit of a school under subsection (1) must use the money together with any interest earned on the money for any of the following purposes—
(a) the provision, erection, re-erection, extension, repair, maintenance and renewal of buildings;
(b) the maintenance of grounds;
(c) the provision and maintenance of equipment (including sports equipment) for or in connection with the school.
(3) The school council or governing body of a beneficiary school may invest money paid to it under section 5.7A.24, including any interest earned on that money, which is not for the time being required for any of the purposes referred to in subsection (2).
(4) A school council or governing body must invest any money paid to it under section 5.7A.24, including any interest earned on that money—
(a) in any manner in which a trustee may invest trust funds under the Trustee Act 1958 ; and
(b) in accordance with any guidelines issued by the Minister.
Division 4—Proceeds derived from disposition of land or creation of easement over land
S. 5.7A.26 inserted by No. 28/2010 s. 17.