Western Australian Consolidated Acts Western Australian Consolidated Acts (1) The functions of
the Board are —
(a) to
administer, invest and manage the Fund; and
(b) to
perform any other functions conferred on the Board under any written law.
(2) Subject to this
Act the Board may do all acts and things that are necessary or convenient to
be done to enable it to perform its functions.
(3) Without limiting
the generality of subsection (2) the Board may, subject to this
Act —
(a)
enter into and execute all deeds, contracts and documents that it may think
expedient for the purpose of securing the benefits to be provided from the
Fund;
(b)
appropriate any part of the Fund (including the proceeds arising from any
insurance or assurance policies) in full or part satisfaction of any duties or
taxes;
(c)
acquire or dispose of any property on such terms of payment as it thinks fit;
(d)
grant or take options or other pre-emptive rights for the sale, purchase or
leasing of any property;
(e)
insure or re-insure any risks, contingencies or liabilities of the Fund with
or through such persons and on such terms and conditions as the Board thinks
fit;
(f)
subject to subsection (4), raise or borrow money at such rates of
interest and on such terms and conditions as it thinks fit and either by way
of fixed loan for a period of time or by way of bank overdraft on a
fluctuating basis;
(g)
subject to subsection (4), incur liabilities of such amounts and on such
terms and conditions as it thinks fit and provide and set aside out of the
Fund sufficient money for or towards the discharge or reduction of any
encumbrance, debt or other liability affecting any part of the Fund;
(h)
secure, guarantee, indemnify or support the performance of any obligation
undertaken by it by securities of any nature over the whole or any part of the
Fund;
(i)
open and operate on accounts with bankers or other
financial institutions and sign, draw, discount, accept and endorse cheques,
bills and other negotiable instruments in such manner as it determines;
(j)
lease, let out or hire for such periods and at such rentals as it thinks fit
any property forming part of the Fund;
(k)
postpone the realisation of any property forming part of the Fund for so long
as the Board thinks fit even though the property may be of a speculative or
wasting nature;
(l)
expend such amounts in the development and improvement of any property forming
part of the Fund as the Board thinks fit;
(m)
promote and market the Fund;
(n)
conduct research relating to the Fund.
(4) The Board may
raise or borrow money under subsection (1) for the purpose of overcoming
any cash flow problem in the payment of benefits under this Act, but for no
other purpose.
(5) The Board may
recover any money owing to the Fund —
(a) in
any court of competent jurisdiction as a debt due to the Board;
(b) by
deducting the amount owing from any amount that is, or becomes, payable from
the Fund to the debtor;
(c) if
the money is owed by an employer, by entering into an arrangement for the
satisfaction of the debt in such manner as the Board considers appropriate; or
(d) if
the money is owed by a member of the Fund who is employed by an employer, by
directing that employer to deduct the amount owing from the member’s pay
and to pay it to the Board.
(6) An employer must
comply with a direction given to it under subsection (5)(d).
(7) In carrying out
its functions the Board must, as far as practicable —
(a) act
in the best interests of members of the Fund;
(b)
ensure that members of the Fund and employers are fully informed of their
rights and obligations under the Act; and
(c)
ensure equity between different categories of members of the Fund.
[Section 10 amended by No. 45 of 1994
s. 5 and 19; No. 16 of 2006 s. 6.]