Venture Capital Fund Bill

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Hon David Parker

Venture Capital Fund Bill

Government Bill

167—3

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

The Parliament of New Zealand enacts as follows:

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