51Duties relating to functions

#### 51 Duties relating to functions 51 Duties relating to functions > > (1) STC must— > > > > > (a) act honestly in all matters relating to its functions relating to the STC schemes, and > > > > > (b) exercise, in relation to all matters affecting the STC schemes, the same degree of care, skill and diligence as an ordinary prudent person would exercise in dealing with property of another for whom the person felt morally bound to provide, and > > > > > (c) ensure that its functions relating to the STC schemes are exercised in the best interests of persons entitled to receive benefits under the STC schemes, and > > > > > (d) not enter into any contract or arrangement, or do anything else, that would prevent STC from, or hinder STC in, properly exercising STC’s functions as a trustee. > > > > Note. > > > > The duties contained in subsection (1) reflect the covenants required of superannuation scheme trustees under the [Superannuation Industry (Supervision) Act 1993](http://www.legislation.gov.au/) of the Commonwealth. > > > (2) In exercising its functions, STC must have regard to— > > > > > (a) the interests of persons entitled to receive benefits under the STC schemes, and > > > > > (b) the Heads of Government Agreement, commencing 1 July 1996, relating to the exemption of certain State public sector superannuation schemes from the [Superannuation Industry (Supervision) Act 1993](http://www.legislation.gov.au/) of the Commonwealth, and > > > > > (c) the future liabilities of the STC funds, and > > > > > (d) any statement in writing of the policy of the Government on any matter that is relevant to the functions of STC given by the Minister to STC, and > > > > > (e) the role of employers under STC schemes in funding benefits under those schemes. > > > (3) Subsection (1) (d) does not prevent STC from entering into a contract or an arrangement under section 53. > > Note. > > Members of the STC Board have a duty to ensure that STC carries out its duties (see section 73). > > **s 51:** Am 2015 No 53, Sch 1 \[2\].