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Public Works Act 1981

Compensation - The award

98: Public Trust may invest compensation money

You could also call this:

“Public Trust can manage and grow money from land sales until it's needed”

When Public Trust receives compensation or purchase money under this law, they need to invest it until it’s used as stated in section 96 or section 97. Public Trust can invest the money in their common fund, in other investments allowed by law for trust funds, or in a mix of both. They will choose how to invest it. Each year, Public Trust will give the money earned from these investments to the person who has the right to receive rent or profits from the land that the compensation was for.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM46953.

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Part 5 Compensation
The award

98Public Trust may invest compensation money

  1. Until any compensation or purchase money deposited with Public Trust under this Act is applied as provided by section 96 or section 97, Public Trust shall invest it in its common fund, or in such other investments as are authorised by law for the investment of trust funds, or partly in the Common Fund and partly in such other investments, as Public Trust thinks fit, and shall pay the annual proceeds of it to the party for the time being entitled to the rents and profits of the land in respect of which the compensation was awarded or compensation or purchase money was paid.

Compare
  • 1928 No 21 s 93
Notes
  • Section 98 heading: amended, on , by section 170(1) of the Public Trust Act 2001 (2001 No 100).
  • Section 98: amended, on , by section 170(1) of the Public Trust Act 2001 (2001 No 100).