THE CORPORATIONS LAW

CHAPTER 7 - SECURITIES

PART 7.10 - THE NATIONAL GUARANTEE FUND

Division 3 - The National Guarantee Fund

SECTION 934   INVESTMENT OF FUND  

934(1)  [Money may be invested]  

Money in the Fund that, in the opinion of the Board, is not immediately required for the purposes of SEGC may be invested by SEGC in a permitted manner.

934(2)  [Investment property forms part of Fund]  

Property in which money is invested under subsection (1) forms part of the Fund.

934(3)  [Appointment of person to invest]  

Subject to subsection (4), the Board may, with the approval of the Commission, appoint a person to invest on behalf of SEGC money to which subsection (1) applies.

934(4)  [Conditions for approval of appointment]  

The Commission shall not grant approval to the appointment of a person under subsection (3) unless it is satisfied that:

(a)  the person has appropriate qualifications and expertise to perform the duties of the appointment; and

(b)  SEGC has adequate indemnity insurance in respect of its liabilities for any negligence, or any defalcation or fraudulent misuse of property, by the person in the performance of those duties or has made other satisfactory provisions for meeting those liabilities.

934(5)  [Duties of appointee]  

A person appointed under subsection (3) shall perform the duties of the appointment in accordance with the directions of the Board and subject to such conditions (if any) as the Board imposes.