25Derivatives

#### 25 Derivatives (1) The Board may acquire a derivative for the purpose of: (a) protecting the value of an investment of the Fund (other than a derivative); or (b) protecting the return on an investment of the Fund (other than a derivative); or (c) achieving indirect exposure to financial assets (other than derivatives) for a purpose in connection with the Fund; or (d) achieving transactional efficiency for a purpose in connection with the Fund; but must not acquire a derivative for the purpose of: (e) speculation; or (f) leverage. (2) The acquisition of a derivative under subsection (1) must be consistent with the investment strategy embodied in a policy formulated by the Board under subsection 24(1). (3) A derivative acquired under subsection (1) is to be held in the name of the Board. (4) A derivative acquired under subsection (1) is taken to be an investment of the Fund.