16BInvestment managers for scheme funds

#### 16B Investment managers for scheme funds 16B Investment managers for scheme funds > > (1) The Treasurer may, by order in writing given to the authority responsible for administering a scheme fund, require— > > > > > (a) the investment of the whole or any part of the scheme fund to be managed by one or more investment managers approved by the Treasurer (a mandated investment manager), and > > > > > (b) the responsible authority to enter into an agreement or arrangement with any such mandated investment manager with respect to investment management services for the whole or part of the scheme fund subject to the terms and conditions set out or described in the order. > > > (2) Subsection (1) does not prevent the responsible authority from entering into an agreement or arrangement containing additional terms or conditions that are not inconsistent with the terms and conditions set out or described in the order or any scheme fund investment strategy. > > > (3) The Treasurer must consult with the responsible authority and the proposed mandated investment manager before giving an order under this section. > > > (4) The order may be given only with the approval of the Minister administering the provisions of the Act under which the scheme fund concerned is established (the relevant Act). > > > (5) The terms and conditions must not be inconsistent with any scheme fund investment strategy for the scheme fund or the relevant Act. > > > (6) A mandated investment manager (or an investment manager engaged by the mandated investment manager to provide relevant services)— > > > > > (a) may invest the whole or part of the scheme fund concerned only in any investment that is authorised or permitted by or under the relevant Act or any other applicable legislation, and > > > > > (b) must carry out the investment management services concerned subject to the applicable terms and conditions and consistently with any relevant scheme fund investment strategy. > > > (7) An order under this section takes effect on the day specified in the order. > > **pt 2, div 4 (ss 16A–16C):** Ins 2015 No 54, Sch 1.