Commonwealth Numbered Acts Commonwealth Numbered Acts(1) The Future Fund Board must take all reasonable steps to comply with the Higher Education Endowment Fund Investment Mandate.
(2) As soon as practicable after the Future Fund Board becomes aware that it has failed to comply with the Higher Education Endowment Fund Investment Mandate, the Future Fund Board must give the responsible Ministers a written statement:
(a) informing the responsible Ministers of the failure to comply with the Higher Education Endowment Fund Investment Mandate; and
(b) setting out the action that the Future Fund Board proposes to take in order to comply with the Higher Education Endowment Fund Investment Mandate.
(3) If the responsible Ministers are satisfied that the Future Fund Board has failed to comply with the Higher Education Endowment Fund Investment Mandate, the responsible Ministers may, by written notice given to the Future Fund Board, direct the Future Fund Board:
(a) to give the responsible Ministers, within a period specified in the notice, a written explanation for the failure to comply with the Higher Education Endowment Fund Investment Mandate; and
(b) to take action specified in the notice, within a period specified in the notice, in order to comply with the Higher Education Endowment Fund Investment Mandate.
(4) The Future Fund Board must comply with a direction under subsection (3).
(5) A failure to comply with:
(a) the Higher Education Endowment Fund Investment Mandate; or
(b) a direction under subsection (3);
does not affect the validity of any transaction.
(6) A direction under subsection (3) is not a legislative instrument.