Document ID: chunk:federal_register_of_legislation:C2004A03971:section:1990:p27
Version: federal_register_of_legislation:C2004A03971
Segment Type: section
Provision Reference: s 1990 (pt 27/38)
Character Range: 85182–87897

the exercise by the Trust of its power to invest moneys of the Fund

is not liable to stamp duty or other tax under a law of the Commonwealth, of a State or of a Territory.

"Division 2a—Provisions relating to certain services provided by Trust

Powers of Trust as investment manager etc.

"43a. (1) Where the Trust provides services under subsection 29a (1a), the Trust has, subject to any agreement entered into between the Trust and the person or body requesting the services, power to do, in Australia or elsewhere, all things necessary or convenient to be done for or in connection with, or as incidental to, the provision of those services and, in particular, has power to do any of the following:

   (a) to give guarantees;

   (b) to underwrite or sub-underwrite any form of investment;

    (c) to establish unit trusts, including pooled superannuation trusts (within the meaning of Part IX of the Income Tax Assessment Act 1936);

    (d) to establish approved deposit funds (within the meaning of the Occupational Superannuation Standards Act 1987);

    (e) to appoint agents or attorneys;

    (f) to act as agents for other persons;

    (g) to engage consultants and investment managers;

    (h) to open and maintain bank accounts.

"(2) Without limiting the generality of subsection (1), the power given to the Trust to do all things necessary or convenient to be done as incidental to the provision of services includes, where the services consist of or include the investment, or the management of the investment, of any funds, the power to take action to control or manage, or to enhance or protect the value of, any investment made out of those funds or to enhance or protect the return of any such investment.

"(3) Funds that the Trust has undertaken to invest under subsection 29a (1a) may be invested in any manner and, in particular, may be invested by the Trust jointly with another person or other persons.

Trust may charge

"43b. (1) The Trust may charge for services provided under subsection 29a (1a).

"(2) The following amounts must be paid into the Fund:

   (a) amounts received by the Trust for services provided under subsection 29a (1a);

    (b) amounts received by the Trust for services provided in connection with the exercise of a power, or the performance of a function, referred to in subsection 29a (1d).

Costs

"43c. The costs of, and incidental to, the provision of any services referred to in subsection 43b (2) must be paid out of the Fund.

"Division 2b—Accounts and Records".

Trust to keep accounts and records

36. Section 44 of the Principal Act is amended:

(a) by omitting from subsection (1) "the Fund" and substituting "its operations";

(b) by adding