Part 5.1 Investments

101   Investment of trust and protective funds

(1)  The NSW Trustee may invest trust funds and protective funds in accordance with the Trustee Act 1925.

(2)  Any other manager of an estate of a managed person may invest funds of the estate in accordance with the Trustee Act 1925.

102   Additional investment powers of managers relating to protective funds

(cf PE Act, s 28)

(1) Purchase of real estate
A manager may purchase real estate out of part of the estate of a managed person if it appears to the manager to be desirable for the purpose of:

(a)  protecting the estate from injury or deterioration in value, or

(b)  increasing the value or facilitating the sale of other lands of the estate, or

(c)  providing a home for the person or any dependants of the person.

(2) Preferred investments
A manager may invest any money that is part of the estate of a managed person and is not required under this Act to be applied for any other purpose in the form of investment preferred by the person, if the manager is aware that the person prefers a particular form of investment.

(3)  For the purpose of ascertaining whether or not a managed person prefers a particular form of investment, the manager may have regard to the following matters:

(a)  any investments of which the manager is aware that were made by the person before the person became a managed person,

(b)  any statements made to the manager by relatives of the person, and verified by statutory declaration, as to the views expressed to them by the person, either before or after the person became a managed person, regarding his or her preferred forms of investment,

(c)  any views expressed to the manager by the person regarding the person’s preferred form of investment.

(4) Section prevails
This section has effect despite section 101.