Dairy Produce Marketing Act, 1961

The Dairy Produce Fund.

29.—(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 Dairy Produce 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 the sale of milk and milk products and in respect of levies on milk and on butter under this Act and any other moneys received by the Board,

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

(c) sums borrowed under section 30 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,

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