sec.64Management of foundation’s funds by funds manager

sec.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 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. (sec.64-ssec.1) 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. (sec.64-ssec.2) Subsection (3) applies if a funds manager enters into a derivative transaction for a foundation. (sec.64-ssec.3) 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. (sec.64-ssec.4) 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 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 . (sec.64-ssec.5) 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.

• (a) 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