Superannuation Act 1976

The Fund shall be managed by CSC.

CSC has power to do, in Australia or elsewhere, all things necessary or convenient to be done for or in connexion with, or as incidental to, the management of the Fund, and the investment under section 42 of moneys standing to the credit of the Fund, including, without limiting the generality of the foregoing, power:

to give guarantees;

to underwrite or sub‑underwrite any form of investment;

subject to subsection (3), to borrow moneys;

to appoint agents and attorneys;

to act as agents for other persons;

to engage consultants and investment managers; and

to open and maintain accounts with banks.

CSC may not borrow money otherwise than in accordance with the SIS Act.

Without limiting the generality of subsection (2), the reference in that subsection 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.

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.

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 CSC.

Nothing in this section or section 42 shall be read as derogating from CSC’s duties under section 27C.

In this section: