Commonwealth Numbered Acts

DEFENCE FORCE (PAPUA NEW GUINEA) RETIREMENT BENEFITS ACT 1973 No. 86 of 1973 - SECT 27

27. (1) Moneys of the Fund shall, so far as is practicable, be invested by the
Board-

   (a)  in securities issued or guaranteed by the Commonwealth;

   (b)  in securities issued or guaranteed by the Administration;

   (c)  in loans, upon the security of securities issued by the Commonwealth,
        to persons who are for the time being declared under a law of the
        Commonwealth or of a State, being a law relating to companies, to be
        authorized dealers in the short-term money market; or

   (d)  in any other manner approved by the Minister, and in such proportions,
        as between investments or classes of investments, as are approved by
        the actuarial member of the Board.

(2) The Board shall not invest moneys of the Fund at a rate of interest of
less than four and three-quarters per centum per annum except with the
approval of the Administrator.

(3) Moneys of the Fund that are not invested by the Board may be lodged either
at call or on fixed deposit, or partly at call and partly on fixed deposit,
with the Reserve Bank of Australia or any other bank approved by the Minister.