63Restrictions on investment powers

#### 63 Restrictions on investment powers 63 Restrictions on investment powers > > (1) STC must not, from the assets of the funds under administration or in obtaining borrowings within the meaning of the [Government Sector Finance Act 2018](/view/html/inforce/current/act-2018-055)— > > > > > (a) lend money to a contributor to, or to a person entitled to or receiving a benefit under, an STC scheme, either by lending the money directly or by lending it under arrangements entered into in the exercise of a general power of investment of the assets of the scheme, or > > > > > (b) borrow money or maintain an existing borrowing of money, whether by way of a secured or unsecured loan, otherwise than to obtain temporary finance, or > > > > > (c) invest any of the assets of an STC fund otherwise than on an arms-length basis, unless it is an in-house asset within the meaning of Part 8 of the [Superannuation Industry (Supervision) Act 1993](http://www.legislation.gov.au/) of the Commonwealth. > > > (2) Subsection (1) does not prohibit the lending of money of an STC fund established before 25 May 1988 to a contributor if the trustee of the fund, on or before that date— > > > > > (a) had express power to lend money to contributors, or > > > > > (b) lent money to contributors and that lending was not expressly prohibited by the legislation establishing the fund. > > **s 63:** Am 2018 No 70, Sch 3.56 \[2\].