Agricultural Produce (Cereals) (Amendment) Act, 1958

The Grain Fund.

5.—(1) The Board shall establish, maintain and manage in accordance with this Act a fund (in this Act referred to as the Fund) to be known as the Grain Fund.

(2) The following provisions shall apply in relation to the Fund:

(a) there shall be paid into the Fund all moneys received by the Board in respect of wheat levy or on foot of the sale of wheat by the Board, and any other moneys received by the Board,

(b) there shall be paid out of the Fund the purchase price of wheat purchased by the Board and the amount of any expenses (including expenses of carriage, drying, handling storage and insurance of wheat) incurred by the Board in connection with its transactions in relation to the purchase or sale of wheat, and all other outlay or expenses incurred by the Board in fulfilling its functions or otherwise under this Act,

(c) sums borrowed under section 11 of this Act may be secured on the Fund,

(d) so much of the Fund as in the opinion of the Board is for the time being not immediately required for making payments under paragraph (b) of this subsection may be invested by the Board in securities in which trustees are for the time being authorised by law to invest trust funds,

(e) the Board may from time to time at its discretion vary or transpose any moneys (being part of the Fund) invested under this subsection into other investments authorised by this subsection and may at any time sell and convert into money the whole or part of the investments made by it under this subsection,

(f) all dividends and interest received by the Board on investments (being part of the Fund) made by it under this subsection or in respect of the sale of any such investments shall be paid into the Fund.