Venture Capital Fund Bill

  • enacted

Hon David Parker

Venture Capital Fund Bill

Government Bill

167—3

Contents

Bill note
Key
1Title
2Commencement
18Purpose of Act
19Outline of Act
20Interpretation
21Transitional, savings, and related provisions
22Act binds the Crown
23Establishment of VCF
24Purpose of VCF
25Property of VCF
26Ownership of VCF
27Payments out of VCF
28Contributions to VCF
29Crown Entities Act 2004 provisions about acquisition of financial products, borrowing, guarantees, indemnities, and derivatives do not apply
30Borrowing
31Responsibility for investing
32Guardians must use best-practice investment management
33Guardians must manage and administer the VCF in certain manner
34Minister must give policy statement that specifies high-level requirements
35Directions in policy statement that must be consulted on
36Minister may approve departure from direction in particular circumstances
37Other provisions about directions under section 35
38Directions in policy statement that require Guardians’ agreement
39Limits on policy statement
40VCF investment vehicles
41VCF investment vehicles not required to prepare statements or annual reports
42Guardians must establish investment policies, standards, and procedures
43Contents of statements of investment policies, standards, and procedures
44Investment management
45Custodianship of VCF
46Minister may give directions for winding up
47Process for directions for winding up
48Amendment or replacement of policy statement or directions
49Amendment or replacement of policy statement or directions does not affect existing matters
50Publication of policy statement or directions
51Reporting relating to directions
52Limit on directions relating to VCF
53Certain Crown Entities Act 2004 provisions about directions do not apply
54Financial statements of VCF
55Auditor-General is auditor of VCF
56Annual report
57Reporting by Guardians on VCF
Legislative history

The Parliament of New Zealand enacts as follows: