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Venture Capital Fund Act 2019

Establishment of Venture Capital Fund

12: Payments out of VCF

You could also call this:

"Using Venture Capital Fund money for allowed costs and payments"

Illustration for Venture Capital Fund Act 2019

You can use money from the Venture Capital Fund for certain things. You can pay fees to people who manage or look after the fund. You can also use the money to meet other costs related to running the fund. You can pay taxes owed by the fund. Money can be paid to the Crown if there is an agreement about it. You can use the fund to follow a direction under section 31. You cannot make a payment from the fund unless it is for one of these reasons and the Guardians have said it is okay. The Guardians can decide how to share costs between the fund and the Venture Capital Fund, as stated in section 41A of the New Zealand Superannuation and Retirement Income Act 2001.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS210804.

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11: Ownership of VCF, or

"The government of New Zealand owns the Venture Capital Fund."

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13: Contributions to VCF, or

"The Minister can add money to the Venture Capital Fund."

12Payments out of VCF

  1. Money may be paid out of the VCF—

  2. to pay any fee that is payable to an investment manager or a custodian in respect of the VCF:
    1. to meet any other obligation that is directly related to the operation of the VCF:
      1. to pay the taxation liabilities arising in respect of the VCF:
        1. to the Crown in accordance with an agreement between the Guardians and the Minister:
          1. to comply with a direction under section 31.

            1. No payment may be made out of the VCF except in accordance with subsection (1) and unless it has been authorised by the Guardians.

            2. See section 41A of the New Zealand Superannuation and Retirement Income Act 2001, which allows the Guardians to apportion obligations between the Fund and the VCF.

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