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Venture Capital Fund Act 2019

Investment of VCF

18: Guardians must manage and administer the VCF in certain manner

You could also call this:

"Guardians must look after the Venture Capital Fund carefully and make good choices."

Illustration for Venture Capital Fund Act 2019

You have to manage the Venture Capital Fund in a way that is consistent with the policy statement. This policy statement is found in section 19. You must also avoid doing anything that could harm New Zealand's reputation. You can invest the Venture Capital Fund outside of New Zealand's venture capital markets. This can happen while you are waiting to make investments in those markets. It can also happen on an interim basis, as explained in section 17 and this section.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS210811.

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Topics:
Money and consumer rights > InvestingBusiness > Industry rulesBusiness > Investment and finance
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17: Guardians must use best-practice investment management, or

"Guardians must invest the fund wisely using good rules"

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19: Minister must give policy statement that specifies high-level requirements, or

"The Minister must create rules to guide the Venture Capital Fund's investments."

18Guardians must manage and administer the VCF in certain manner

  1. The Guardians must manage and administer the VCF in a manner consistent with—

  2. the policy statement in effect under section 19; and
    1. avoiding prejudice to New Zealand’s reputation as a responsible member of the world community.

      1. Section 17 and this section do not prevent the Guardians from investing the VCF or a part of the VCF other than in New Zealand’s venture capital markets—

      2. pending investments being made in those markets; or
        1. otherwise on an interim basis.