sec.59Appointment of funds managers with Treasurer’s approval

### sec.59 Appointment of funds managers with Treasurer’s approval The statutory body may, in writing, appoint a person (the funds manager ) to manage the investment of all or part of its funds if— the body is satisfied, on reasonable grounds, the person is suitable to manage the investment of all or part of its funds; and before appointing the person, the body obtains the Treasurer’s approval of the appointment. The statutory body must ensure its appointment of the funds manager is subject to— a condition to which the Treasurer’s approval is subject (however expressed); and a subsequent amendment or repeal of the approval. Under the Acts Interpretation Act 1954 , section 24AA , the power to make an instrument or decision includes power to amend or repeal the instrument or decision. The appointment is subject to the conditions of the Treasurer’s approval, and a subsequent amendment or repeal of the approval, despite a contrary provision of the appointment. s 59 ins 1996 No. 54 s 8 (sec.59-ssec.1) The statutory body may, in writing, appoint a person (the funds manager ) to manage the investment of all or part of its funds if— the body is satisfied, on reasonable grounds, the person is suitable to manage the investment of all or part of its funds; and before appointing the person, the body obtains the Treasurer’s approval of the appointment. (sec.59-ssec.2) The statutory body must ensure its appointment of the funds manager is subject to— a condition to which the Treasurer’s approval is subject (however expressed); and a subsequent amendment or repeal of the approval. Under the Acts Interpretation Act 1954 , section 24AA , the power to make an instrument or decision includes power to amend or repeal the instrument or decision. (sec.59-ssec.3) The appointment is subject to the conditions of the Treasurer’s approval, and a subsequent amendment or repeal of the approval, despite a contrary provision of the appointment. - (a) the body is satisfied, on reasonable grounds, the person is suitable to manage the investment of all or part of its funds; and - (b) before appointing the person, the body obtains the Treasurer’s approval of the appointment. - (a) a condition to which the Treasurer’s approval is subject (however expressed); and - (b) a subsequent amendment or repeal of the approval. Editor’s note— Under the Acts Interpretation Act 1954 , section 24AA , the power to make an instrument or decision includes power to amend or repeal the instrument or decision.