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Venture Capital Fund Bill
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Hon David Parker
Venture Capital Fund Bill
Government Bill
167—3
Contents
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: