(a) bonds, debentures, stock and other securities issued under an Act;
(b) bonds, debentures, stock and other securities issued by:
(i) a State;
(ii) a Territory;
(iii) a municipal corporation or other local governing body; or
(iv) a public authority constituted by or under a law of a State or Territory of the Commonwealth;
(c) securities issued in respect of a loan to a body (whether incorporated or not) whose principal business is the supply and distribution, by a system of reticulation, in Australia or in a Territory of the Commonwealth, of water, gas or electricity; and
(d) other securities specified in the regulations as public securities for the purposes of this section;
but does not include:
(e) securities referred to in paragraph (a) or (b) that are issued in respect of a loan raised outside Australia and the Territories of the Commonwealth unless the securities are public securities for the purposes of the Income Tax Assessment Act 1936; or
(f) securities issued after 12 April 1976 by an ADI.
20E Borrowing for the Common Fund
(1) Where the Official Trustee is of the opinion:
(a) that moneys in the Common Fund deposited in accounts at call with an ADI or ADIs are likely to be insufficient to meet payments that under this Act are to be made out of moneys in the Common Fund; and
(b) that it would be undesirable to convert into money investments made under section 20D for the purpose of enabling those payments to be so made;
the Official Trustee may apply to the Finance Minister to borrow from the Commonwealth under this section moneys not exceeding such amount as is specified in the instrument.
(2) The Finance Minister may, on behalf of the Commonwealth, lend to the Official Trustee, on such terms and conditions as he or she determines, moneys that the Official Trustee has applied under subsection (1) to borrow.
(3) Moneys borrowed by the Official Trustee from the Commonwealth under this section shall be paid into the Common Fund.
(4) Interest is not payable on moneys lent to the Official Trustee by the Commonwealth under this section.
(5) Moneys lent to the Official Trustee by the Commonwealth under this section shall be paid out of moneys available under an appropriation made by the Parliament.
20F Moneys in Common Fund not held on account of particular estates etc.
(1) No moneys in the Common Fund shall be held, or be deemed for any purpose to be held, on account of any particular estate or fund.
(2) Investments made from moneys in the Common Fund shall not be made, and shall not be deemed for any purpose to be made, on account of any particular estate or fund.
(3) Any capital appreciation or depreciation in the value of investments made from moneys in the Common Fund shall not increase or decrease the amount payable under this Act in respect of any estate or fund.
(4) The making of a capital profit or capital loss on the realization of investments made from moneys in the Common Fund shall not increase or decrease the amount payable under this Act in respect of any estate or fund.
(5) Interest derived from the investment of moneys in the Common Fund shall not increase the amount payable under this Act in respect of any estate or fund.
(6) The Official Trustee shall cause accounts to be kept showing the amount in the Common Fund from time to time standing to the credit of each estate or fund in respect of which moneys have been paid into the Common Fund.
(7) Moneys received or held by the Official Trustee as trustee of any estate or fund do not cease to be moneys in hand for the purposes of this Act by reason only that those moneys have been paid into or become part of the Common Fund.
(8) In this section:
estate means the estate of a bankrupt or of a deceased debtor.
fund means a fund of moneys referred to in paragraph 20J(1) (b).
20G Common Investment Fund Equalization Account
(1) There is continued in existence the Common Investment Fund Equalization Account.
Note: The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999.
(2) The Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997.
20H Credits to and debits from the Equalization Account
(1) Interest derived from the investment of money in the Common Fund must be paid to the Commonwealth.
(2) An amount equal to the amount of any capital profit made upon the realization of an investment made from money in the Common Fund must be paid out of the Common Fund to the Commonwealth.
(3) Whenever a payment is made to the Commonwealth under subsection (1) or (2), an equal amount must be credited to the Equalization Account.
(4) An amount equal to:
(a) the amount of any capital loss incurred upon the realization of an investment made from money in the Common Fund; or
(b) each amount of interest that:
(i) forms part of the estate of a bankrupt or of a deceased debtor by virtue of subsection 20J(2) or (3); or
(ii) forms part of a fund referred to in paragraph 20J(1) (b) by virtue of subsection 20J(2) or (3A); or
(iii) is payable to a person by virtue of subsection 20J(4);
is to be debited from the Equalization Account and paid into the Common Fund.
(5) The Inspector-General must, at such times as the Inspector-General considers appropriate and, in any event, at least once every 6 months, determine whether any amounts standing to the credit of the Equalization Account are not required for the purposes of subsection (4). If the Inspector-General determines that any amounts are not so required, the Inspector-General may direct that the amounts not so required, or any part of those amounts, are to be debited from the Equalization Account.
(6) Whenever an amount required by subsection (4) to be debited from the Equalization Account exceeds the amount standing to the credit of the Equalization Account, an amount equal to the excess must be credited to the Equalization Account.
20J Interest on moneys in Common Fund payable only in certain circumstances
(1) Where the Official Trustee is:
(a) the trustee of the estate of a bankrupt or of a deceased debtor; or
(b) the trustee of a fund of moneys held or received by the Official Trustee in respect of a particular debtor or bankrupt by reason of being:
(i) the trustee of a composition, or of a scheme of arrangement, accepted under Division 6 of Part IV; or
(ii) the trustee of a personal insolvency agreement;
the estate or the fund is not entitled, except as provided by subsections (2), (3) and (3A), to interest on moneys held by the Official Trustee as trustee of the estate or fund, as the case may be.
(2) Where moneys have been held, or are likely to be held, for a prescribed reason, or for one prescribed reason and then for another prescribed reason, by the Official Trustee as the trustee of the estate of a bankrupt or of a deceased debtor, or as trustee of a fund referred to in paragraph (1) (b), for not less than one year longer than those moneys would have been held, or would be likely to be held, by the Official Trustee but for that reason or those reasons, the Inspector-General may direct, by writing under his or her hand, that interest on those moneys, at the rate prescribed by the regulations for the purposes of this