You are part of the Guardians of the Venture Capital Fund. The Guardians can only borrow money with the Minister of Finance's approval. This approval is also needed to mortgage or charge property, or hold financial instruments that may place a liability on the fund. You need the Minister's approval to do certain things with the fund's money. The Minister can give approval for a group of similar transactions. This rule is similar to one in the Public Finance Act 1989. The Minister of Finance has control over what the Guardians can do with the fund's money. This helps keep the fund safe and secure. It ensures the Guardians make smart decisions about the fund's money.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS226634.
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14: Crown Entities Act 2004 provisions about acquisition of financial products, borrowing, guarantees, indemnities, and derivatives do not apply, or
"Special rules for the Venture Capital Fund that don't follow usual government investment rules"
16: Responsibility for investing, or
"Who decides how to invest the Venture Capital Fund's money"
The Guardians may not, except with the approval of the Minister of Finance,—
The Minister’s approval may be given for any class of transactions in subsection (1)(a) to (c).
