City of Perth Superannuation Fund Act Amendment Act 1979 (WA)

WESTERN AUSTRALIA.

CITY OF PERTH

SUPERANNUATION FUND.

No. 84 of 1979.

AN ACT to amend the City of Perth Superannuation

Fund Act, 1934.

[Assented to 11th December, 1979.]

BE it enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and the Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows:-

1. (1) This Act may be cited as the City of Perth Mirt title

Superannuation Fund Act Amendment Act, 1979. citation.

In this Act the City of Perth Superannuation Fund Act, 1934 as amended by the Local Govern- ment Act Amendment Act (No. 2), 1966 is referred to as the principal Act.

(2)

The principal Act as amended by this Act

may be cited as the City of Perth Superannuation

Fund Act, 1934-1979.

(3)

No. 84.] City of Perth Superannuation [1979.

Fund.

Section 3

amended. 2. Section 3 of the principal Act is amended

(a)	by inserting after the section designation "3." the subsection designation "(1)"; and
(b)	by adding subsections as follows

(2) The council or any person or board appointed under subsection (1) of this section may

(a)	engage a person or persons in the capacity of investment manager to exercise such of its powers of investment as it may specify, subject to such condi- tions or limitations as it may impose; and
(b)	remunerate a person engaged in the capacity of investment manager, out of the fund, at such rate as may, in each case, be agreed with the person so engaged.

(3) The engagement of an investment manager under subsection (2) of this section to exercise specified powers of investment does not prevent the exercise of those powers by the council, person, or board engaging the investment manager. .

Section 4 3. Section 4 of the principal Act is repealed and

repealed and

re-enacted. re-enacted as follows-

Investments. 4. (1) All contributions to the fund, after deducting any payments made under section 3 of this Act, shall be invested

(a) in any investments that are from time to time authorised by a law applying in the Commonwealth or any State or Territory of the Commonwealth for the investment of trust funds;

1979.] City of Perth Superannuation [No. 84.

Fund.

(b)	subject to subsection (3) of this section, in acquiring, improving, or lending on the security of, an estate in land situated in the Commonwealth;
(c)	in any policy of assurance, or annuity contract, with a body corporate registered under the Life Insurance Act 1945 of the Parliament of the Commonwealth as amended from time to time or any Act passed in substitu- tion for that Act;
(d)	in any investment to which paragraph (a) of this subsection does not apply by reason only that it is an investment the price of which is not quoted on a Stock Exchange in a State or Territory of the Commonwealth; or
(e)	in any other investment, or kind or class of investment, approved in writing for the purposes of this para- graph by the Minister.

(2) An investment under this section may be made jointly or in association with any other person or persons.

(3) An investment shall not be made under paragraph (b) of subsection (1) of this section except in accordance with independent profes- sional advice. .