Management of foundation’s funds by funds manager
64 Management of foundation’s funds by funds manager
A funds manager for a foundation may enter into a special financial arrangement or derivative transaction for the foundation only if there is an approval under division 4 for the arrangement or transaction that applies to the foundation.
Subsection (3) applies if a funds manager enters into a derivative transaction for a foundation.
The funds manager is not required to give a report to the Minister under section 55 unless the approval under division 4 includes a condition that a funds manager acting under the approval for a foundation must give the report to the Minister.
Subsection (1) does not limit—
the performance of a function by a funds manager that the funds manager is otherwise lawfully authorised to perform under the funds manager’s contract of engagement with a foundation; or
Example of a function—
managing the sale of bonds, debentures, inscribed stock, shares, stock or other securities
a board or foundation from giving a direction to a funds manager in relation to the management of the foundation’s funds, including, for example, a direction to not manage the foundation’s funds in reliance on an approval under division 4.
In this section—
funds manager, for a foundation, means a person engaged by the foundation to manage all or part of the foundation’s funds.
This Act’s bill:Explanatory memorandumSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.