Document ID: chunk:federal_register_of_legislation:C2023C00441:section:25
Version: federal_register_of_legislation:C2023C00441
Segment Type: section
Provision Reference: s 25
Character Range: 35396–36294

25  Derivatives
 (1) The Board may acquire a derivative for the purpose of:
 (a) protecting the value of an investment of the Fund (other than a derivative); or
 (b) protecting the return on an investment of the Fund (other than a derivative); or
 (c) achieving indirect exposure to financial assets (other than derivatives) for a purpose in connection with the Fund; or
 (d) achieving transactional efficiency for a purpose in connection with the Fund;
but must not acquire a derivative for the purpose of:
 (e) speculation; or
 (f) leverage.
 (2) The acquisition of a derivative under subsection (1) must be consistent with the investment strategy embodied in a policy formulated by the Board under subsection 24(1).
 (3) A derivative acquired under subsection (1) is to be held in the name of the Board.
 (4) A derivative acquired under subsection (1) is taken to be an investment of the Fund.