4. Treasurer to place application moneys in special account
(1) The Treasurer shall ¾
(a) keep a separate account, forming part of the Trust Fund constituted under section 9 of the Financial Administration and Audit Act 1985, to which shall be credited the moneys remitted to him pursuant to section 3 of this Act;
(b) invest those moneys in any way in which trust moneys may be invested under the Trustees Act 1962; and
(c) deal with those moneys in the manner directed by this Act.
(2) Any initial applicant may at any time by notice in writing given to the Treasurer ¾
(a) request the repayment to him of any moneys subscribed with his initial application; or
(b) request the Treasurer to pay to the company as application moneys pursuant to a further prospectus, all or any of the moneys subscribed by him with his initial application,
and the Treasurer shall upon receiving the notice ¾
(c) pay to the initial applicant an amount equal to the application moneys paid with his initial application, together with any interest earned thereon from the investment of the moneys by the Treasurer; or
(d) give effect to the notice by remitting to the company as application moneys subscribed pursuant to the further prospectus, the whole or part of the moneys subscribed by the initial applicant with his initial application, according to the terms of the notice.
as the case requires.
[Section 4 amended by No. 49 of 1996 s.64.]