New South Wales Consolidated Acts

PUBLIC AUTHORITIES (FINANCIAL ARRANGEMENTS) ACT 1987 - SECT 24

24 Investment powers of authorities

(1) The regulations may declare that an authority has, in respect of all or specified funds of or under the control of the authority, the investment powers described in Part 2, 3 or 4 of Schedule 4.

(1A) An authority that does not have the investment powers described in any of Parts 2, 3 and 4 of Schedule 4 has, in respect of all funds of or under the control of the authority, the investment powers described in Part 1 of that Schedule, except to the extent that the Treasurer by order in writing declares that the authority does not have those powers in respect of all or any specified funds or has them only in relation to specified funds.

(2) Such a regulation:

(a) may be made only on the recommendation of the Treasurer and the Minister for the authority, and

(b) operates to confer on the authority concerned the investment powers specified.

(2A) A person recommending the making of such a regulation is to have regard to the general criteria approved by the Treasurer for determining the appropriate investment powers to be conferred on authorities.

(2B) The criteria are to provide for the determination of the appropriate investment powers by reference to:

(a) the class of the authority as determined in accordance with any official government classification of authorities, and

(b) the volume of funds to be invested by the authority, and

(c) the expertise of, and facilities available to, the employees of the authority undertaking the investments.

(3) The investment powers conferred on an authority by this Part may be exercised only in connection with the exercise of the functions of the authority.

(4) A transaction entered into by an authority in relation to the funds of or under the control of the authority is not invalidated by reason only that it is not authorised by, or may result in a contravention of, the provisions of this Part or Schedule 4.