(1)  Subject to this regulation, money standing to the credit of the Fund may be invested by the Board or with any investment manager in any manner which the Board thinks fit.

(2)  The Board may authorise an investment manager to perform the powers and duties of the Board with respect to all or part of the money of the Fund available for investment.

(3)  Whether or not the Board appoints an investment manager, the Board must, at least every 12 months, conduct a review of –

(a) its investment policy; and

(b) the management and performance of its investments.

(4)  Without limiting the generality of subregulation (1) , money standing to the credit of the Fund may be invested on first mortgage of real property in the State, including a completed flat that is held in fee simple to which a strata plan registered under the Strata Titles Act 1998 relates.

(5)  Subregulation (4) applies to a mortgage or further charge under which, or in respect of which, the investment manager has priority over all other persons.