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39 2000

NATIONAL TREASURY MANAGEMENT AGENCY (AMENDMENT) ACT, 2000

PART 4

Fund Investment Services

Interpretation.

27. —(1) In this Part—

“enactment” means a statute or an instrument made under a power conferred by statute;

“fund” means a fund managed or controlled, or both managed and controlled, by a Minister of the Government;

“investment” means, in relation to a fund—

(a) the application of the moneys in the fund concerned for the purpose of acquiring, holding or disposing of any right or interest, direct or indirect, in any asset, or

(b) the placing or holding of the moneys in the fund concerned in any account.

(2) This Part shall not be construed as affecting or altering any power contained in an enactment to invest the moneys in a fund.

Fund investment services for Minister.

28. —(1) The Minister may, in relation to a fund or any part of a fund, by order delegate to the Agency his or her functions in relation to the investment of the fund, or that part of the fund.

(2) An order under subsection (1) may contain such ancillary and incidental provisions as the Minister considers necessary or expedient for the purposes of the delegation effected by the order.

(3) The Minister may give directions or guidelines to the Agency in relation to the performance by it of the function delegated to it under subsection (1), and the Agency shall comply with any such directions and perform that function in accordance with any such guidelines.

(4) The Minister shall, before giving directions or guidelines to the Agency under subsection (3), consult with any other Minister of the Government who manages or controls, or both manages and controls, all or any part of the fund concerned.

(5) The Agency shall keep, in such form as may be approved of by the Minister, all proper and usual accounts in relation to the performance by it of the function delegated to it under subsection (1), and it shall, whenever requested to do so by the Minister, furnish such accounts to him or her or provide him or her with such information in relation to such accounts as he or she may specify or both.

Fund investment services for other Ministers of Government.

29. —(1) Subject to subsections (2) and (3), a Minister of the Government (other than the Minister) may, in relation to a fund or any part of a fund, request the Agency to perform, on his or her behalf, his or her functions in relation to the investment of the fund, or that part thereof, in accordance with an investment strategy determined by that Minister of the Government following consultation with the Agency and on such terms and conditions as may be agreed by the Agency and that Minister of the Government, and the Agency shall comply with any such request.

(2) A Minister of the Government shall, prior to the making of a request under subsection (1), obtain the consent of the Minister in relation thereto.

(3) A Minister of the Government shall, prior to determining an investment strategy for the purposes of subsection (1), consult with any other Minister of the Government who manages or controls, or both manages and controls, all or any part of the fund concerned.

(4) The Agency shall keep in such form as may be approved of by the Minister of the Government concerned all proper and usual accounts in relation to the performance by it of any function on behalf of that Minister of the Government under subsection (1), and it shall, whenever requested to do so by that Minister of the Government, furnish such accounts to him or her or provide him or her with such information in relation to such accounts as he or she may specify or both.