Western Australian Consolidated Acts Western Australian Consolidated Acts (1) The function of
the Superannuation Board is to administer, invest and manage the
Superannuation Fund.
(2) Subject to this
Act the Superannuation 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 Superannuation 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
Superannuation Fund;
(b)
appropriate any part of the Superannuation 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
Superannuation Fund, the Superannuation Board, members of the Superannuation
Board, or persons provided by the Authority under section 31 to assist
the Superannuation Board, with or through such persons and on such terms and
conditions as the Superannuation 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
Superannuation Fund sufficient money for or towards the discharge or reduction
of any encumbrance, debt or other liability affecting any part of the
Superannuation 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
Superannuation 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 Superannuation Fund;
(k)
postpone the realization of any property forming part of the Superannuation
Fund for so long as the Superannuation 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 Superannuation Fund as the Superannuation Board thinks fit.
(4) The Superannuation
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.
[Section 6 amended by No. 19 of 1992
s. 5; No. 38 of 2002 s. 70.]