3Functions and powers of CSC

3 Functions and powers of CSC

(1) The functions of CSC are to administer the Superannuation Scheme and to manage and invest the Fund in accordance with the provisions of the Act and this Deed including, without limiting the generality of the foregoing, the following functions: (a) to pay benefits to or in respect of members, and to make payments to and receive payments from the Commonwealth, as provided for in the Act; (b) to provide advice to the Minister on proposed changes to the Act and the Deed; (c) to determine interest rates for the purposes of the Superannuation Scheme; (d) to determine, from time to time, the issue price and withdrawal price of a unit in an Investment Division of the Fund. (2) CSC has power in Australia and elsewhere to do all things necessary or convenient to be done for, or in connection with, the performance of its functions and, in particular, may do any of the following: (a) give guarantees; (b) underwrite or sub‑underwrite any form of investment including the underwriting or sub‑underwriting of the issue of shares, debentures or units in a unit trust; (c) borrow moneys and give security over the whole or any part of the assets of the Fund; (d) appoint agents and attorneys; (e) act as agent for other persons; (f) engage consultants and investment managers; (g) establish an Incapacity Classification Committee to determine members’ incapacity classifications under the Rules; (h) establish one or more Reconsideration Committees: (i) to examine and report on decisions of CSC and its delegates under the Rules relating to members’ entitlements to benefits; and (ii) to reconsider decisions of CSC and its delegates under the Rules relating to members’ entitlements and benefits; (i) establish one or more other committees to assist CSC on any matter within the CSC’s functions and powers, including in relation to the investment of the Fund; (j) take action to control or manage, or to enhance or protect, the value of, any investment made out of the Fund, or to enhance or protect, the return on any such investment. (3) Subject to the SIS Act, in exercising its functions and powers CSC must have regard to: (a) the interests of members and the Commonwealth; and (b) any statement of policy of the Commonwealth Government on any matter that is relevant to the performance of the functions, duties and powers of CSC by the Minister with a request that CSC consider that policy.