Document ID: chunk:federal_register_of_legislation:C2004A03321:body:0:p11
Version: federal_register_of_legislation:C2004A03321
Segment Type: other
Provision Reference: 
Character Range: 25782–28514

inserting after paragraph (2) (a) the following paragraphs:
         "(aa) to underwrite or sub-underwrite any form of investment; (ab) subject to sub-section (3), to borrow moneys;";
     (b) by inserting in paragraph (2) (d) "and investment managers" after "consultants"; and
     (c) by adding at the end the following sub-sections:
     "(3) The Trust shall not borrow an amount of moneys (in this sub-section referred to as the 'relevant amount') if the aggregate of the relevant amount and the amounts that—

     (a) have previously been borrowed by the Trust; and
     (b) have not been repaid by the Trust,
exceeds an amount equal to 10% of the market value of the total assets of the Fund.
"(4) The Trust may give security over the whole or any part of the assets of the Fund for the repayment by the Trust of moneys borrowed pursuant to sub-section (2).
"(5) Without limiting the generality of sub-section (2), the reference in that sub-section to the doing of things necessary or convenient to be done as incidental to the investment under section 42 of moneys standing to the credit of the Fund includes a reference to the taking of action to control or manage, or to enhance or protect the value of, any investment made out of those moneys or to enhance or protect the return on any such investment.
"(6) Without limiting the generality of paragraph (2) (aa), the reference in that paragraph to underwriting or sub-underwriting any form of investment includes a reference to underwriting or sub-underwriting the issue of shares, debentures or units in a unit trust.
"(7) The reference in paragraph (2) (d) to the engagement of investment managers shall be read as a reference to the placement of funds with persons who undertake to invest, and manage the investment of, those funds on behalf of the Trust.
"(8) Nothing in this section or section 42 shall be read as derogating from the Trust's duties under section 29a.".

Investment of Fund
21. Section 42 of the Principal Act is amended—
     (a) by omitting from sub-section (1) "this section" and substituting "this Part";
     (b) by omitting sub-sections (2), (3) and (4) and substituting the following sub-section:
     "(2) Moneys that, by virtue of sub-section (1), are required to be invested by the Trust may be invested in any manner and, without limiting the generality of the foregoing, may be invested by the Trust jointly with another person or other persons."; and
     (c) by omitting sub-section (6).

Borrowing
22. Section 43 of the Principal Act is repealed.

Trust to keep accounts and records in respect of Fund
23. Section 44 of the Principal Act is amended by inserting after sub-section (1) the following sub-section:
"(1a) The accounts kept