Venture Capital Fund Bill

Hon David Parker

Venture Capital Fund Bill

Government Bill



Explanatory note
3Principal Act
4Section 3 amended (Purpose)
5Section 5 amended (Interpretation of Parts 2 and 3 and Schedule 3)
6Part 2 heading amended
7Section 36 amended (Outline of Part)
8New section 41A inserted (Guardians may apportion obligations)
41AGuardians may apportion obligations
9Section 49A amended (Saving of certain transactions)
10Section 51 amended (Functions)
11Section 68 amended (Annual report)
12Section 71 amended (Performance reviews)
13Section 72 amended (Political commitment)
14Section 73 amended (Amendments to Act)
15Schedule 3 amended
16Schedule 4 amended
17Other amendments
18Purpose of Part
19Outline of Part
21Transitional, savings, and related provisions
22Part 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
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

The Parliament of New Zealand enacts as follows: