Commonwealth Numbered Acts Commonwealth Numbered ActsGrants purposes and purposes related exclusively to the Fund
(1) Each of the following is a purpose of the Fund Account:
(a) making grants of financial assistance to eligible higher education institutions in relation to capital expenditure, so long as the grants are authorised under subsection 45(1);
(b) making grants of financial assistance to eligible higher education institutions in relation to research facilities, so long as the grants are authorised under subsection 45(2);
(c) paying the costs of, or incidental to, the acquisition of financial assets under section 22;
(d) paying expenses of an investment of the Fund;
(e) paying the costs of, or incidental to, the acquisition of derivatives under section 31;
(f) paying or discharging the costs, expenses and other obligations incurred by the Future Fund Board under a contract between the Future Fund Board and an investment manager engaged under subsection 34(1);
(g) paying or discharging the costs, expenses and other obligations incurred in connection with the establishment, maintenance or operation of a bank account of the Future Fund Board, where the bank account relates exclusively to the Fund;
(h) paying a premium in respect of a contract of insurance entered into by the Future Fund Board exclusively in connection with the Fund;
(i) paying or discharging any other costs, expenses, obligations or liabilities incurred by the Future Fund Board exclusively in connection with the Fund.
Note: See section 21 of the Financial Management and Accountability Act 1997 (debits from Special Accounts).
(2) Paragraph (1)(a) does not limit paragraph (1)(b).
(3) Paragraph (1)(b) does not limit paragraph (1)(a).
Purposes not related exclusively to the Fund
(4) Each of the following is a purpose of the Fund Account:
(a) paying or discharging the costs, expenses and other obligations incurred in connection with the establishment, maintenance or operation of a bank account of the Future Fund Board, where those costs, expenses or obligations are not covered by:
(i) paragraph (1)(g); or
(ii) paragraph 2(1)(g) of Schedule 2 to the Future Fund Act 2006 ;
(b) paying a premium in respect of a contract of insurance entered into by the Future Fund Board, where the premium is not covered by:
(i) paragraph (1)(h); or
(ii) paragraph 2(1)(h) of Schedule 2 to the Future Fund Act 2006 ;
(c) paying or discharging any other costs, expenses, obligations or liabilities incurred by the Future Fund Board, where the costs, expenses, obligations or liabilities are not covered by:
(i) a paragraph of subsection (1); or
(ii) a paragraph of subclause 2(1) of Schedule 2 to the Future Fund Act 2006 ;
(d) paying remuneration and allowances of Future Fund Board members;
(e) paying remuneration, and other employment‑related costs and expenses, in respect of members of the staff of the Agency;
(f) paying or discharging the costs, expenses and other obligations incurred by the Commonwealth under a contract entered into under section 78 or 82 of the Future Fund Act 2006 ;
(g) paying or discharging the costs, expenses and other obligations incurred by the Commonwealth in connection with the operation of the Agency.
Note: See section 21 of the Financial Management and Accountability Act 1997 (debits from Special Accounts).