Public Hospitals (Amendment) Act, 1939

The Reserve Fund.

2.—(1) All moneys paid to the Board under this Act shall, notwithstanding anything contained in section 23 of the Principal Act, form a separate fund, to be known and in this Act referred to as the Reserve Fund, and shall not be part of the Hospitals Trust Fund.

(2) So much of the capital of the Reserve Fund as is for the time being not required for making payments by the Board in pursuance of this Act shall be invested and kept invested by the Board in securities authorised by law for the investment of trust funds or authorised under section 23 of the Principal Act for the investment of the Hospitals Trust Fund.

(3) The Board may from time to time vary the investment or any part of the investment of the Reserve Fund.

(4) All interest, dividends, and income and all sums in the nature of bonus received by the Board on the securities in which the Reserve Fund is invested shall be added to and form part of the capital of the said fund immediately upon receipt thereof by the Board.

(5) Whenever any payment is required by this Act to be made by the Board out of the Reserve Fund and there is no uninvested money then in that fund or such uninvested money (if any) is less than the amount of such payment, the Board shall sell or otherwise convert into money so much of the securities in which the said fund is then invested as shall, with the said uninvested money (if any), be necessary to produce the amount required for such payment.