New South Wales Consolidated Acts

PUBLIC AUTHORITIES (FINANCIAL ARRANGEMENTS) ACT 1987 - SECT 25

25 Funds managers

(1) An authority on which investment powers are conferred by this Part may, with the written approval of the Treasurer and in accordance with that approval, engage an approved funds manager to act in relation to the management of the authority’s funds.

(2) An approved funds manager is a person designated as an approved funds manager for the authority in the Treasurer’s approval.

(3) The Treasurer’s approval may be given only on the recommendation of the Minister for the authority and may be given subject to terms and conditions.

(4) An approved funds manager may on behalf of the authority, subject to any terms and conditions of the Treasurer’s approval, invest funds of the authority in any investment in which the funds manager is authorised to invest its own funds or other funds.

(5) The terms and conditions of an approval under subsection (4) are to restrict the investment powers of an approved funds manager in connection with an authority to the most extensive powers of investment available under the criteria referred to in section 24 having regard to the classification of the authority.