Section 38: Investment of assets of Fund

38. Investment of assets of Fund (1) Subject to the Finance and Audit Act, any surplus remaining in the Fund may be held on deposit with the Government or invested in such manner as the NPF and NSF Investment Committee may determine, regard being had to— (a) the need for an appropriate level of liquidity in the Fund; (b) the need to secure the future value of the Fund; (c) the need for national development; (d) any advice the NPF and NSF Investment Committee may receive from the Board. (2) There is set up, for the purposes of determining the manner in which any surplus remaining in the Fund may be invested, a committee to be known as the NPF and NSF Investment Committee. (3) (a) The NPF and NSF Investment Committee shall consist of– (i) the Financial Secretary who shall be the Chairperson; (ii) 3 public officers appointed by the Minister; and (iii) 3 representatives of employers and 3 representatives of employees, appointed by the Minister to whom responsibility for the subject of finance is assigned. (b) The persons referred to in paragraph (a) (ii) and (iii) shall have experience in fund management, actuarial science, accountancy or economics and shall be appointed on such terms and conditions as may be determined. (4) The NPF and NSF Investment Committee shall– (a) meet not less than once every month and at such time and place as the Chairperson thinks fit; (b) regulate its meetings and proceedings in such manner as it thinks fit. (5) At any meeting of the NPF and NSF Investment Committee, 6 members shall constitute a quorum. (6) Without prejudice to subsection (1), the Minister may approve loans from the Fund to insured persons for the provision of housing or for such other purposes as the Minister may, after consultation with the Board, approve, on such terms and conditions as may prescribed. [S. 38 amended by Act 7 of 1990; Act 9 of 1992; s. 35 (8) (g) of Act 20 of 2001 w.e.f. 17 September 2001; s. 23 of Act 15 of 2006 w.e.f. 7 August 2006.] [Issue 1] N21 – 24 Revised Laws of Mauritius