Document ID: chunk:federal_register_of_legislation:C2004A03321:body:0:p10
Version: federal_register_of_legislation:C2004A03321
Segment Type: other
Provision Reference: 
Character Range: 23252–26071

of the Trust, the person has and may exercise all the powers, and shall perform all the duties, of the principal member or the part-time member of the Trust, as the case may be.
"(8) The Minister may—
     (a) determine the terms and conditions of appointment, including remuneration and allowances, of a person appointed to act in an office under sub-section (1) or (2); and
     (b) terminate such an appointment at any time.
"(9) A person appointed to act in an office under sub-section (1) or (2) may resign the appointment by writing signed by the person and delivered to the Minister.
"(10) Anything done by or in relation to a person purporting to act under sub-section (1) or (2) is not invalid on the ground that—
     (a) the occasion for the person's appointment had not arisen;
     (b) there is a defect or irregularity in connection with the person's appointment;
     (c) the person's appointment had ceased to have effect; or
     (d) the occasion for the person to act had not arisen or had ceased.".

Meetings of Trust
17. Section 37 of the Principal Act is amended—
     (a) by omitting from sub-section (2) "Chairman" and substituting "principal member";
     (b) by omitting from sub-section (3) "Chairman" and substituting "principal member";
     (c) by omitting from sub-section (3) "he" and substituting "principal member";
     (d) by omitting from sub-section (4) "Chairman" and substituting "principal member"; and
     (e) by omitting sub-section (10).

Delegation by Trust
18. Section 38 of the Principal Act is amended by omitting from sub-section (1) "(including the Chairman or acting Chairman, or a part-time member or acting part-time member, of the Trust)" and substituting "(including a member of the Trust)".

19. Section 39 of the Principal Act is repealed and the following section is substituted:

Delegation by principal member
"39. (1) The principal member may, either generally or as otherwise provided in the instrument of delegation, by writing signed by the principal member, delegate to a person (including another member of the Trust) all or any of the principal member's powers under this Act, other than this power of delegation.
"(2) A power so delegated, when exercised by the delegate, shall, for the purposes of this Act, be deemed to have been exercised by the principal member.
"(3) A delegation under this section does not prevent the exercise of a power by the principal member.".

Fund to be managed by Trust
20. Section 41 of the Principal Act is amended—
     (a) by 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