42Investment of funds

#### 42 Investment of funds (1) Moneys standing to the credit of the Fund which CSC 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 this Act shall, so far as is practicable, be invested by CSC in accordance with this Part, 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. (2) Moneys that, by virtue of subsection (1), 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. (3) CSC may invest the money only through an investment manager or managers. (4A) CSC must ensure that any investment manager engaged by CSC in accordance with subsection (3): (a) operates within the investment powers of CSC and the investment strategy and policy 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. (5) Income derived from the investment of moneys standing to the credit of the Fund, or otherwise from the management of the Fund by CSC, shall form part of the Fund.