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Venture Capital Fund Act 2019

Investment of VCF

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

You could also call this:

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

Illustration for Venture Capital Fund Act 2019

The Minister has to give a policy statement to the Guardians. This statement has to include certain directions, which are explained in sections 20 and 23. The Minister must make sure a policy statement is always in effect. The Minister has to take reasonable steps to keep the policy statement current. This means they have to review and update it as needed. The policy statement can be amended or replaced, as explained in section 33. You can think of a policy statement like a set of rules that guide how something is done. In this case, it guides the investment of the Venture Capital Fund. The Minister's job is to make sure these rules are in place and up to date.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS214918.

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Money and consumer rights > InvestingBusiness > Industry rules
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18: Guardians must manage and administer the VCF in certain manner, or

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

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20: Directions in policy statement that must be consulted on, or

"Rules the Minister must follow when making decisions about the Venture Capital Fund"

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

  1. The Minister must give the Guardians a policy statement.

  2. Sections 20 and 23 set out the directions that a policy statement must or may contain.

  3. The Minister must take reasonable steps to ensure that a policy statement remains in effect at all times on and after the expiry of the 1-month period that starts on the commencement of this section.

  4. This section does not limit section 33 (which allows the policy statement to be amended or replaced).