53Power to enter into contracts or arrangements

#### 53 Power to enter into contracts or arrangements 53 Power to enter into contracts or arrangements > > (1) STC may enter into contracts or arrangements with any person— > > > > > (a) under which the person undertakes to carry out the function of providing all or any superannuation investment management services for a superannuation fund or part of a fund under one or more of the STC schemes, on behalf of STC, or > > > > > (b) under which the person undertakes to carry out the function of providing superannuation scheme administration services to the STC schemes on behalf of STC, or > > > > > (c) (Repealed) > > > > > (d) under which the person undertakes to carry out any other functions on behalf of STC under this or any other Act, or > > > > > (e) for the performance of any other services. > > > (1A) An investment manager who enters into a contract or arrangement with STC to provide superannuation investment management services may (subject to the terms of that contract or arrangement) engage another investment manager to provide any such service. In that case, a reference in this section to the person who enters into or makes the contract or arrangement with STC includes a reference to any such other investment manager engaged to provide the service. > > > (2) The power of STC to enter into a contract or an arrangement does not extend to conferring on any other person the power of STC to appoint an actuary or actuaries to conduct an investigation into the state or sufficiency of an STC fund. > > > (3) A person who enters into a contract or an arrangement with STC under this section has, while acting in accordance with the terms of the contract or arrangement, those functions of STC specified in the contract or arrangement. > > > (4) STC may enter into a contract or an arrangement under this section only if STC is satisfied that the contract or arrangement is in the interests of the persons entitled to receive benefits under the STC schemes. > > > (5) Any such contract or arrangement may deem the person with whom STC makes the contract or arrangement to be an agent of STC. > > > (6) A contract or an arrangement entered into by STC under this section does not confer on the other party any of the principal functions and responsibilities of STC as trustee. > > **s 53:** Am 2015 No 53, Sch 1 \[3\]–\[5\].