Australian Capital Territory Numbered Acts

LIFETIME CARE AND SUPPORT (CATASTROPHIC INJURIES) ACT 2014 (NO. 11 OF 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)     in a way that is authorised by the Financial Management Act 1996

; or

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

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

    (3)     Any repayment of amounts invested from an LTCS fund banking account must be paid into an LTCS fund banking account.

    (4)     Interest 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)     However, if an investment of an amount from an LTCS fund banking account is made or managed by a directorate, the directorate may deduct from the interest received by the Territory for the investment a fee charged by the directorate for making or managing the investment.

    (6)     A fee charged by a directorate under subsection (4) must not be more than the costs and expenses incurred by the directorate in making or managing the investment.

    (7)     Interest that is to be paid into an LTCS fund banking account under subsection (3) may be paid into the account directly or through the territory banking account.