Section 5: Investments

5. Investments (1) The Board— (a) shall hold in cash, in Treasury Bills or deposit at interest such sums as it considers sufficient to meet the actual and contingent liabilities of the Fund; and (b) may invest any money not held under paragraph (a) in such securities as may be approved by the Minister. (2) The Board may, with the approval of the Minister, insure the liability of the Fund to meet benefits under this Act with any underwriter or insurance company, and all premiums in respect of any such insurance shall be paid out of the assets of the Fund. (3) The Board may, with the approval of the Minister, borrow, by the issue of negotiable bonds or notes or otherwise, on such terms and at such rate as it considers reasonable, any sums necessary for enabling the Fund to meet its liabilities, for investment or for any other purposes of the Fund, and may for this purpose pledge the Fund’s assets or future revenue. [Issue 4] S40 – 4 Revised Laws of Mauritius (4) The Minister may authorise the Board to pledge the Fund’s assets as security for advances made to the Fund by Government, but those advances shall be applied exclusively through and on behalf of the Board to discharge the liabilities of the Fund.