Supreme Court Library Fund Investment Rules 2021 (Vic)

Version No. 001

Supreme Court Library Fund Investment Rules 2021

S.R. No. 104/2021

Version as at

6 September 2021

TABLE OF PROVISIONS

Rule  Page

1Object

2Authorising provisions

3Commencement

4Revocation

5Definitions

6Income and Expenditure Account and Investment Fund

7Investment Committee

8Investment Committee responsible for investments of Investment Fund

9Investments

10Income and Expenditure Account

11Report on the Investment Fund

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Endnotes

1      General information

2      Table of Amendments

3      Amendments Not in Operation

4      Explanatory details

Version No. 001

Supreme Court Library Fund Investment Rules 2021

S.R. No. 104/2021

Version as at

6 September 2021

1Object

The object of these Rules is to make rules concerning the application of the Supreme Court Library Fund, including the investment, change of investment and manner of investment of the Fund.

2Authorising provisions

These Rules are made under section 25 of the Supreme Court Act 1986 and all other enabling powers.

3Commencement

These Rules come into operation on 6 September 2021.

4Revocation

The Supreme Court Library Fund (Investment) Rules 2012[1] are revoked.

5Definitions

In these Rules—

Investment Fund includes money standing to the credit of the Fund, securities transferred to the Fund and investments made out of the Fund;

Library Committee means the Supreme Court Library Committee established by Rule 6 of the Supreme Court Library Rules 2019[2];

the revoked Rules means the Supreme Court Library Fund (Investment) Rules 2012.

6Income and Expenditure Account and Investment Fund

(1)For the purpose of ensuring that such part of the Supreme Court Library Fund as is from time to time available for investment is fully and properly invested, the Supreme Court Library Fund shall be apportioned between—

(a)an account to be known as the "Income and Expenditure Account"; and

(b)a fund to be known as the "Investment Fund".

(2)The Income and Expenditure Account and the Investment Fund constituted and existing under the revoked Rules shall be the Income and Expenditure Account and the Investment Fund for the purposes of these Rules.

7Investment Committee

(1)For the purpose of managing the Investment Fund, there shall be an Investment Committee.

(2)The Investment Committee shall be appointed by the Library Committee and shall consist of not less than three nor more than five persons.

(3)A quorum of the Investment Committee shall be three persons.

(4)Subject to paragraph (5), the members of the Investment Committee in office under the revoked Rules immediately before the commencement of these Rules shall, subject to these Rules, continue in office as members of the Investment Committee under these Rules.

(5)The Library Committee may—

(a)remove any member of the Investment Committee; or

(b)fill any vacancy on the Investment Committee.

(6)All investments of money standing to the credit of the Investment Fund shall be made in the name of a nominee company, being a company limited by guarantee—

(a)of which all directors are persons nominated by the Chief Justice as directors, of whom at least one shall be a Judge of the Supreme Court or a former Judge of the Supreme Court; and

(b)which engages in no activities other than the holding of securities and other investments comprised in the Investment Fund.

8Investment Committee responsible for investments of Investment Fund

(1)The Investment Committee shall be responsible for investing and keeping invested the Investment Fund.

(2)The Investment Committee shall ensure that—

(a)the securities in which the Investment Fund is invested are widely spread; and

(b)no undue proportion of the securities is confined to the securities of any one company or companies in a particular field of industry or commerce.

(3)The Investment Committee shall retain the services of a representative of a participant in the financial market operated by ASX Limited who has a minimum of 15 years' experience providing personal advice concerning securities—

(a)to advise on the suitability of proposed investments for the Investment Fund;

(b)to review—

(i)at least once in each year, the performance (individually and as a whole) of the securities in which the Investment Fund is invested; and

(ii)the investments made by the Investment Committee as occasion requires—

and in each case to recommend any desirable changes; and

(c)to make a report as required by Rule 11(2)(b).

(4)The Investment Committee, from time to time, may retain the services of any other suitably qualified advisor.

9Investments

The Investment Fund shall be invested in accordance with the provisions of the law of Victoria relating to the investment of trust funds.

10Income and Expenditure Account

(1)All income from investments made by the Investment Committee shall be paid to the Income and Expenditure Account.

(2)The proceeds of the realisation of any securities forming part of the Investment Fund shall be credited to the Investment Fund.

(3)The Library Committee, from time to time, may transfer any moneys standing to the credit of the Income and Expenditure Account to the Investment Fund.

(4)The Investment Committee shall make available to the Library Committee such amounts of money as the Library Committee from time to time requests and, for that purpose, the Investment Committee may realise such of the investments forming part of the Investment Fund as it thinks fit.

11Report on the Investment Fund

(1)The Investment Committee shall submit to the Library Committee not later than 31 December in each year a written report on the Investment Fund.

(2)The report shall be accompanied by—

(a)properly audited accounts of the Investment Fund made up to 30 June in the year immediately preceding the presentation of the report;

(b)a written report by the representative retained pursuant to Rule 8(3)—

(i)stating the representative's opinion of the investments constituting the Investment Fund; and

(ii)making any recommendations thought necessary or desirable in relation to the proper investment of the Investment Fund; and

(c)a statement setting out—

(i)all transactions made by the Investment Committee during the period to which the accounts relate; and

(ii)a complete list of all the investments of the Investment Fund as at 30 June in the year immediately preceding the presentation of accounts showing the descriptions, quantity and market value of the investments.

Dated:   26 August 2021

ANNE FERGUSON, C.J.

DAVID F. R. BEACH, J.A.

EMILIOS KYROU, J.A.

S. G. E. McLEISH, J.A.

R. NIALL, J.A.

M. L. SIFRIS, J.A.

KRISTEN WALKER J.A.

ELIZABETH HOLLINGWORTH, J.

ANTHONY CAVANOUGH, J.

JOHN R. DIXON, J.

KATE McMILLAN, J.

JAMES D. ELLIOTT, J.

T. J. GINNANE, J.

MELANIE SLOSS, J.

M. J. CROUCHER, J.

CHRISTOPHER W. BEALE, J.

MICHAEL McDONALD, J.

P. J. RIORDAN, J.

A. J. KEOGH, J.

M. N. CONNOCK, J

MELINDA RICHARDS, J

KEVIN J. A. LYONS, J.

LESLEY TAYLOR, J.

S. J. MOORE, J.

ANDREW J. TINNEY, J.

JACINTA FORBES, J.

L. M. NICHOLS, J.

JIM DELANY, J.

JAMES GORTON, J.

MICHAEL OSBORNE, J.

STEPHEN O'MEARA, J.

RICHARD ATTIWILL, J.

CATHERINE BUTTON, J.

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Endnotes

1   General information

See for Victorian Bills, Acts and current Versions of legislation and up-to-date legislative information.

The Supreme Court Library Fund Investment Rules 2021, S.R. No. 104/2021 were made on 26 August 2021 by the Judges of the Supreme Court under section 25 of the Supreme Court Act 1986, No. 110/1986 and came into operation on 6 September 2021: rule 3.

The Supreme Court Library Fund Investment Rules 2021 will sunset 10 years after the day of making on 26 August 2031 (see section 5 of the Subordinate Legislation Act 1994).

INTERPRETATION OF LEGISLATION ACT 1984 (ILA)

Style changes

Section 54A of the ILA authorises the making of the style changes set out in Schedule 1 to that Act.

References to ILA s. 39B

Sidenotes which cite ILA s. 39B refer to section 39B of the ILA which provides that where an undivided regulation, rule or clause of a Schedule is amended by the insertion of one or more subregulations, subrules or subclauses the original regulation, rule or clause becomes subregulation, subrule or subclause (1) and is amended by the insertion of the expression "(1)" at the beginning of the original regulation, rule or clause.

Interpretation

As from 1 January 2001, amendments to section 36 of the ILA have the following effects:

•     Headings

All headings included in a Statutory Rule which is made on or after
1 January 2001 form part of that Statutory Rule.  Any heading inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, forms part of that Statutory Rule.
This includes headings to Parts, Divisions or Subdivisions in a Schedule; Orders; Parts into which an Order is divided; clauses; regulations; rules; items; tables; columns; examples; diagrams; notes or forms. 
See section 36(1A)(2A)(2B).

•     Examples, diagrams or notes

All examples, diagrams or notes included in a Statutory Rule which is made on or after 1 January 2001 form part of that Statutory Rule.  Any examples, diagrams or notes inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, form part of that Statutory Rule.  See section 36(3A).

•     Punctuation

All punctuation included in a Statutory Rule which is made on or after
1 January 2001 forms part of that Statutory Rule.  Any punctuation inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, forms part of that Statutory Rule.
See section 36(3B).

•     Provision numbers

All provision numbers included in a Statutory Rule form part of that Statutory Rule, whether inserted in the Statutory Rule before, on or after
1 January 2001.  Provision numbers include regulation numbers, rule numbers, subregulation numbers, subrule numbers, paragraphs and subparagraphs.  See section 36(3C).

•     Location of "legislative items"

A "legislative item" is a penalty, an example or a note.  As from 13 October 2004, a legislative item relating to a provision of a Statutory Rule is taken to be at the foot of that provision even if it is preceded or followed by another legislative item that relates to that provision.  For example, if a penalty at the foot of a provision is followed by a note, both of these legislative items will be regarded as being at the foot of that provision.  See section 36B.

•     Other material

Any explanatory memorandum, table of provisions, endnotes, index and other material printed after the Endnotes does not form part of a Statutory Rule.  See section 36(3)(3D)(3E).

2   Table of Amendments

There are no amendments made to the Supreme Court Library Fund Investment Rules 2021 by statutory rules, subordinate instruments and Acts.

3   Amendments Not in Operation

This version does not contain amendments that are not yet in operation.

4   Explanatory details

[1] Rule 4: S.R. No. 120/2012.

2 Rule 5 definition of Library Committee: S.R. No. 20/2019.