52Investment managers

52 Investment managers

(1) The Future Fund Board may engage one or more investment managers for purposes in connection with the Future Drought Fund. (2) The Future Fund Board must not: (a) invest amounts under subsection 39(1); or (b) acquire derivatives under subsection 49(1); or (c) enter into a securities lending arrangement under subsection 51(1); or (d) realise financial assets that are investments of the Future Drought Fund; unless the Board does so: (e) through an investment manager engaged by the Board under subsection (1) of this section; or (f) in a manner approved, in writing, by the responsible Ministers. (3) The Future Fund Board must ensure that any investment manager engaged by the Board under subsection (1) operates within this Act. (4) The Future Fund Board must ensure that any investment manager engaged by the Board under subsection (1) reports to the Board and the Agency on the state of the investments of the Future Drought Fund at such times and in such manner as the Board determines.