Section 23: Investment of Fund

23. Investment of Fund (1) The Board shall invest the Fund— (a) in current or deposit account with any bank or with any financial institution, in any currency, as the Board may approve; (b) in Mauritius Government or Mauritius local Government securities; (c) in Commonwealth Government or local Government securities quoted on a recognised stock exchange; (d) on first rank mortgages inscribed on immovable property in Mauritius or on other mortgages on such property; (e) in assurance policies and immediate or deferred annuity bonds; (f) in such other securities as the Board thinks fit including preference, ordinary or deferred shares traded on the Stock Exchange of Mauritius or on any other recognised overseas Stock Exchange; and (g) in the securities of the management company referred to in section 19 (2). (2) Such investments shall be made in the name of the Board and no member shall have any claim on such investments. (3) The Board may, on application being made, grant, on such terms and conditions as the Board may determine, a loan to an employee to be used wholly and exclusively for the purchase of shares in the Sugar Investment Trust or a body controlled by the Trust. (4) The Board shall take a security in respect of any loan granted under subsection (3) on the shares purchased by the person and on any accompanying option to purchase land. (5) For the purpose of subsection (3)– “employee” has the same meaning as in section 9 of the Sugar Industry Efficiency Act; “Sugar Investment Trust” and “Trust” have the same meaning as in the Sugar Industry Efficiency Act. [S. 23 amended by Act 25 of 1994; s. 35 (10) (b) of Act 20 of 2001 w.e.f. 17 September 2001; s. 11 of Act 26 of 2001 w.e.f. 5 November 2001; s. 29 (b) of Act 14 of 2005 w.e.f. 21 April 2005.] [Issue 9] S51 – 10 Revised Laws of Mauritius