(1) For the purpose of this section “Trust Funds” means—
(a) any fund established by an Act other than an Appropriation Act; or
(b) any monies held by or deposited with or entrusted to the Government under the terms of a deed of trust, trust instrument, agreement (whether express or implied) or any arrangement governing the use of monies so held.
(2) A fund established in accordance with subsection (1)(a) is not a trust fund where the Act establishing the same makes provision for the payment of monies into that fund out of the Consolidated Fund.
(3) A trust fund does not form part of the Consolidated Fund but, subject to section 11, is to be administered in accordance with this Act.
(4) Any funds established prior to the commencement of this Act for the purposes specified in subsection (1) is considered to be trust funds and the balance standing to the credit of each fund at the close of account on the coming into operation of this Act is considered to be held by the Government for the purposes specified in respect of each such trust fund.
(5) This Act shall not extend, abridge or alter the terms of any trust or be construed as authorising the making of any rules or regulation or the giving of any direction or instruction requiring any person to obey that rule or regulation, direction or instruction in relation to monies held on trust which contravene or are inconsistent with the terms of that trust.
(6) A public officer shall not accept appointment as a trustee without the written authority of the Minister and any appointment contrary to this subsection is void.
(7) The Minister shall cause any Trust Fund established under subsection (1) to be notified in the Gazette.