60Mandated investment managers

#### 60 Mandated investment managers 60 Mandated investment managers > > (1) The Treasurer may, with the approval of the Minister, by order in writing given to STC, require— > > > > > (a) the investment of the whole or any part of the STC funds to be managed by one or more investment managers approved by the Treasurer (a mandated investment manager), and > > > > > (b) STC to enter into a contract or arrangement referred to in section 59 with any such mandated investment manager with respect to superannuation investment management services for the whole or that part of the STC funds subject to the terms and conditions set out or described in the order. > > > (2) Subsection (1) does not prevent STC from entering into a contract or arrangement containing additional terms or conditions that are not inconsistent with the terms and conditions set out or described in the order. > > > (3) The Treasurer must consult with STC and the proposed mandated investment manager before giving an order under this section. > > > (4) A mandated investment manager (or an investment manager engaged by a mandated investment manager to provide relevant services)— > > > > > (a) may invest the whole or part of the STC funds concerned only in any investment that is authorised or permitted by this Act or any other applicable legislation, and > > > > > (b) must carry out the superannuation investment management services concerned subject to the applicable terms and conditions and consistently with any relevant investment strategy or policy. > > > (5) STC is taken to have discharged the obligations and duties imposed on it under this and any other law (written or unwritten) in relation to the investment and management of the whole or part of the STC funds, if a mandated investment manager (or an investment manager engaged by a mandated investment manager) provides superannuation investment management services in respect of the STC funds or part of the STC funds on behalf of STC in accordance with subsection (4). > > > > Note. > > > > Under section 69 (6) any act, matter or thing done in the name of, or on behalf of, STC by the STC Board is taken to have been done by STC. Section 80 protects persons such as the chief executive officer (who is subject to the control and direction of the Board) from personal and other liability. > > > (6) An order under this section takes effect on the day specified in the order. > > > (7) In this section— > > > > relevant investment strategy or policy, in relation to the whole or any part of the STC funds, means an investment strategy or reserves strategy determined by STC under section 58, or custodial policy determined by STC under this Act, in relation to the whole or that part of the STC funds. > > **s 60:** Rep 2004 No 10, Sch 1 \[15\]. Ins 2015 No 53, Sch 1 \[13\].