Public Hospitals Act, 1933

The Hospitals Trust Fund.

23.—(1) All moneys paid or payable to the National Hospital Trustees under or in pursuance of this Act shall form a single fund to be known and in this Act referred to as the Hospitals Trust Fund and shall be held by the said Trustees upon trust to invest, manage, and apply the same in accordance with this Act.

(2) So much of the capital of the Hospitals Trust Fund as is for the time being not required for making disbursements in pursuance of this Act shall be invested and kept invested by the National Hospital Trustees in securities authorised by law for the investment of trust funds or authorised by order made by the Minister, with the concurrence of the Minister for Finance, for the investment of the Hospitals Trust Fund.

(3) The National Hospital Trustees may from time to time vary the investment or any part of the investment of the Hospitals Trust Fund.

(4) All interest, dividends, and income and all sums in the nature of bonus received by the National Hospital Trustees on the securities in which the Hospitals Trust Fund is invested shall, save if and so far as is otherwise directed by the Minister, be added to and form part of the capital of the said Fund as from the receipt thereof by the said trustees.

(5) It shall not be lawful for the National Hospital Trustees to solicit contributions to the Hospitals Trust Fund, but the said trustees, may, with the consent of the Minister, accept any such contribution in money which is offered to them without such solicitation, and all money so offered and accepted shall for the purposes of this section be deemed to be paid to the said trustees in pursuance of this Act.

(6) The National Hospital Trustees shall pay out of the Hospitals Trust Fund all such grants, expenses, and other moneys as are directed or authorised by this Act to be paid out of that Fund but, where any direction, authority, or sanction is required by this Act for such payment, only upon such direction, authority, or sanction.