Western Development Commission Act, 1998
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PART III Provisions Relating to Finance and Staff | ||
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Western Investment Fund. |
20.—(1) The Commission shall establish a fund which shall be known as the Western Investment Fund and is referred to in this Act as “the Fund”. | |
(2) The Fund shall be managed and controlled by the Commission and shall consist of a current account (“the current account”) and an investment account (“the investment account”). | ||
(3) There shall be paid into the current account all moneys paid to the Commission in respect of grants to it by the Minister, and any other moneys paid to it, for use for capital purposes and there shall be paid out of the current account all moneys in respect of expenditure by the Commission in the provision of assistance under section 8 . | ||
(4) Moneys standing to the credit of the current account and not required to meet current liabilities shall be paid into the investment account of the Fund. | ||
(5) Whenever the moneys in the current account of the Fund are not sufficient to meet the current liabilities of that account, there shall be paid into that account from the investment account of the Fund such moneys as are necessary to meet those liabilities. | ||
(6) Moneys in the investment account of the Fund that are not required to meet current and prospective liabilities of that account shall be invested and the investments shall be realised or varied from time to time as occasion requires and the proceeds of any such realisation, and any dividends or other payments received in respect of moneys invested under this paragraph, shall be paid into the investment account of the Fund or invested under this paragraph. | ||
(7) An investment under subsection (6) shall be in securities in which trustees are for the time being authorised by law to invest funds or in any of the stocks, funds or securities in which moneys of the Post Office Savings Bank are for the time being authorised to be invested. |