Document ID: chunk:federal_register_of_legislation:C2024C00635:section:42
Version: federal_register_of_legislation:C2024C00635
Segment Type: section
Provision Reference: s 42
Character Range: 64836–66366

42  Investment of the Fund
 (1) The Minister may, by written notice to the Board, set out principles or guidelines to be followed in respect of the investment of the Fund.
 (2) As soon as practicable after the commencement of this section the Board must prepare a plan for the investment of the Fund.
 (3) The Board must revise the plan prepared under subsection (2), or that plan as previously revised under this subsection, not later than 12 months after the plan was prepared or last revised, as the case may be.
 (4) Any plan for the investment of the Fund must:
 (a) conform with any principles or guidelines referred to in subsection (1); and
 (b) subject to those principles or guidelines, be directed towards maximising the return on the money invested consistently with prudent financial management practices.
 (5) As soon as practicable after the Board has prepared, or revised, a plan for the investment of the Fund the Board must send a copy of the plan, or of the revised plan, to the Minister.
 (6) If the Minister is of the opinion that a plan or revised plan prepared under this section does not comply with subsection (4), the Minister may return the plan to the Board for reconsideration in accordance with any directions given by the Minister.
 (7) Where a plan is so returned by the Minister, the Board must revise the plan in accordance with the Minister's directions and send a copy of the revised plan to the Minister.
 (8) Any asset in which money included in the Fund is invested forms part of the Fund.