Venture Capital Fund Act 2019

Coat of Arms of New Zealand

Venture Capital Fund Act 2019

Public Act
 
2019 No 76
Date of assent
 
13 December 2019
Commencement
 
see section 2

Contents

1Title
2Commencement
3Purpose of Act
4Outline of Act
5Interpretation
6Transitional, savings, and related provisions
7Act binds the Crown
8Establishment of VCF
9Purpose of VCF
10Property of VCF
11Ownership of VCF
12Payments out of VCF
13Contributions to VCF
14Crown Entities Act 2004 provisions about acquisition of financial products, borrowing, guarantees, indemnities, and derivatives do not apply
15Borrowing
16Responsibility for investing
17Guardians must use best-practice investment management
18Guardians must manage and administer the VCF in certain manner
19Minister must give policy statement that specifies high-level requirements
20Directions in policy statement that must be consulted on
21Minister may approve departure from direction in particular circumstances
22Other provisions about directions under section 20
23Directions in policy statement that require Guardians’ agreement
24Limits on policy statement
25VCF investment vehicles
26VCF investment vehicles not required to prepare statements or annual reports
27Guardians must establish investment policies, standards, and procedures
28Contents of statements of investment policies, standards, and procedures
29Investment management
30Custodianship of VCF
31Minister may give directions for winding up
32Process for directions for winding up
33Amendment or replacement of policy statement or directions
34Amendment or replacement of policy statement or directions does not affect existing matters
35Publication of policy statement or directions
36Reporting relating to directions
37Limit on directions relating to VCF
38Certain Crown Entities Act 2004 provisions about directions do not apply
39Financial statements of VCF
40Auditor-General is auditor of VCF
41Annual report
42Reporting by Guardians on VCF
Legislative history
Administrative information

The Parliament of New Zealand enacts as follows: