Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 934

Investment of Fund

(1) 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. (2) Property in which money is invested under subsection (1) forms part of the Fund. (3) Subject to subsection (4), the Board may, with the approval of ASIC, appoint a person to invest on behalf of SEGC money to which subsection (1) applies. (4) ASIC must not grant approval to the appointment of a person under subsection (3) unless it is satisfied that:

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

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.

(5) A person appointed under subsection (3) must 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.

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