Plain language law

New Zealand law explained for everyone

Venture Capital Fund Act 2019

Investment of VCF

30: Custodianship of VCF

You could also call this:

"Who looks after the Venture Capital Fund's money and property"

Illustration for Venture Capital Fund Act 2019

You can think of the Guardians as the people in charge of the Venture Capital Fund. They can choose someone to look after the fund or part of it. This person is called a custodian and they hold the fund's property in their name. The Guardians decide the terms and conditions for the custodian. You need to know that the custodian's powers and rights are specified by the Guardians. The Guardians can also say if the custodian can delegate their powers to someone else. This rule does not affect section 17 of the Crown Entities Act 2004. The Guardians have the power to make these decisions and they can choose the terms and conditions for the custodian. The custodian must follow these terms and conditions when looking after the fund. The Guardians are in charge of making these decisions.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS210821.

This page was last updated on — View changes

Topics:
Money and consumer rights > Banking and loansBusiness > Industry rules
Previous

29: Investment management, or

"Who helps manage the Venture Capital Fund's investments?"

Next

31: Minister may give directions for winding up, or

"The Minister can give instructions on how to close the Venture Capital Fund."

30Custodianship of VCF

  1. The Guardians may appoint a person or persons (including any department) to act as custodian of the VCF, or any part of the VCF.

  2. A custodian so appointed must hold the property of the VCF, or that part of the property of the VCF for which they have been appointed, in their name or, if the Guardians authorise it, in the name of 1 or more nominees.

  3. An appointment may be on any terms and conditions that the Guardians think fit.

  4. The Guardians must specify, in each instrument of appointment, the powers and rights of the person or persons appointed (including, without limitation, the extent of that person’s powers to delegate any of those powers and rights).

  5. This section does not limit section 17 of the Crown Entities Act 2004.

Compare