10Investment of the Fund

10 Investment of the Fund

(1) For the purposes of this clause: (a) invest means expend moneys with a view to obtaining a present or future financial return (whether by way of income, profit or otherwise); and (b) profit includes capital profit. (2) Moneys standing to the credit of the Fund which CSC, after consultation with its investment manager, is of the opinion are moneys that are not for the time being required for the purpose of making payments out of the Fund under the Act and the Deed shall, so far as is practicable, be invested by CSC in accordance with the Act and the Deed, but CSC shall so manage the Fund that moneys that are from time to time required to pay benefits that are payable out of the Fund are available for that purpose. (3) Moneys that, by virtue of subclause (2), are required to be invested by CSC may be invested in any manner and, without limiting the generality of the foregoing, may be invested by CSC jointly with another person or other persons. (4) CSC must: (a) establish at least one Investment Division of the Fund as the means of investing the Fund; and (b) establish an investment strategy for each Investment Division; and (c) regularly review the effectiveness of each Investment Division and investment strategy; and (d) maintain records to identify the assets, liabilities and income of each Investment Division; and (e) maintain records to identify payments made from each Investment Division. (4A) CSC may: (a) create an Investment Division; or (b) refuse to issue further units for an Investment Division; or (c) wind up an Investment Division; or (d) merge 2 or more Investment Divisions; or (e) divide an Investment Division into 2 or more Investment Divisions; if CSC decides that it is necessary or desirable to do so. (4B) In acting under subclause (4A), CSC may consult any person or body. (4C) If CSC decides to act under subclause (4A), CSC must give the unitised members who would be affected by the action reasonable notice of the action before the action takes effect. (5) CSC shall invest moneys standing to the credit of the Fund that are available for investment only through an investment manager or managers who undertake to invest, and manage the investment of, those funds on behalf of CSC. (6) CSC shall ensure that any investment manager: (a) operates within the investment powers of CSC and the investment strategy and policy as determined for the time being by CSC; and (b) reports to CSC on the state of CSC’s investments and the investment market at such times and in such manner as CSC determines.