Commonwealth Consolidated Acts

FUTURE FUND ACT 2006 - SECT 28

             (1)  The Board may engage one or more investment managers for purposes in connection with the Fund.

             (2)  The Board must not:

                     (a)  invest amounts under subsection 16(1); or

                     (b)  acquire derivatives under subsection 25(1); or

                     (c)  enter into a securities lending arrangement under subsection 27(1); or

                     (d)  realise financial assets that are investments of the Fund;

unless the Board does so:

                     (e)  through an investment manager engaged by the Board under subsection (1) of this section; or

                      (f)  in a manner approved, in writing, by the responsible Ministers.

             (3)  The Board must ensure that any investment manager engaged by the Board under subsection (1) operates within this Act.

             (4)  The Board must ensure that any investment manager engaged by the Board under subsection (1) reports to the Board and the Agency on the state of the investments of the Fund at such times and in such manner as the Board determines.

             (5)  Neither of the following Acts:

                     (a)  this Act;

                     (b)  the Nation‑building Funds Act 2008 ;

prevents the same person from being engaged as an investment manager under 2 or more of the following provisions:

                     (c)  subsection (1) of this section;

                     (d)  subsection 45(1) of the Nation‑building Funds Act 2008 ;

                     (e)  subsection 164(1) of the Nation‑building Funds Act 2008 ;

                      (f)  subsection 239(1) of the Nation‑building Funds Act 2008 .