54
In forceDerivative transactions permitted only for certain foundations
Part 5Financial provisions
Division 3Derivative transactions
54 Derivative transactions permitted only for certain foundations
(1)
A foundation may enter into a derivative transaction—
(a)
under an approval under division 4; and
(b)
only if the foundation does so to hedge against a risk to which the foundation is or will be exposed.
(2)
A foundation may enter into a derivative transaction under this part—
(a)
in its own name; or
(b)
in the name of a person who, with the Minister’s approval, has been appointed in writing by the foundation as its agent for this part.
This Act’s bill:Explanatory memorandumSecond reading speech
Research tools for this sectionSubscription
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.