Supreme Court Library Fund (Investment) Rules 2012

VersionNo. 001

Supreme Court Library Fund (Investment) Rules 2012

S.R. No. 120/2012

Versionas at
31 October 2012

TABLE OF PROVISIONS

RulePage

RegulationPage

1Object

2Authorising provisions

3Commencement

4Revocation

5Definitions

6Income and Expenditure Account and Investment Fund

7Investment Committee

8Investment Committee responsible for investments of Investment Fund

9Investments

10Income and Expenditure Account

11Report on the Investment Fund

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ENDNOTES

1. General Information

2. Table of Amendments

3. Explanatory Details

VersionNo. 001

Supreme Court Library Fund (Investment) Rules 2012

S.R. No. 120/2012

Versionas at
31 October 2012

Supreme Court Library Fund (Investment) Rules 2012

S.R. No. 120/2012

The Judges of the Supreme Court make the following Rules:

1Object

The object of these Rules is to make rules concerning the application of the Supreme Court Library Fund, including the investment, change of investment and manner of investment of the Fund.

2Authorising provisions

These Rules are made under section 25 of the Supreme Court Act 1986 and all other enabling powers.

3Commencement

These Rules come into operation on 31 October 2012.

4Revocation

The following Rules are revoked—

(a)the Supreme Court Library Fund (Investment) Rules 2002[1];

(b)the Supreme Court Library Fund (Investment) (Amendment No. 1) Rules 2008[2].

5Definitions

r. 5

In these Rules—

Investment Fund includes money standing to the credit of the Fund, securities transferred to the Fund and investments made out of the Fund;

Library Committee means the Supreme Court Library Committee established by Rule 6 of the Supreme Court Library Rules 2009[3];

the revoked Rules mean the Supreme Court Library Fund (Investment) Rules 2002.

6Income and Expenditure Account and Investment Fund

(1)For the purpose of ensuring that such part of the Supreme Court Library Fund as is from time to time available for investment is fully and properly invested the Supreme Court Library Fund shall be apportioned between an account to be known as the "Income and Expenditure Account" and a fund to be known as the "Investment Fund".

(2)The Income and Expenditure Account and the Investment Fund constituted and existing under the revoked Rules shall be the Income and Expenditure Account and the Investment Fund for the purposes of these Rules.

7Investment Committee

(1)For the purpose of managing the Investment Fund there shall be an Investment Committee.

(2)The Investment Committee shall be appointed by the Library Committee and shall consist of not less than three nor more than five persons.

(3)Aquorum of the Investment Committee shall be three persons.

(4)Subject to paragraph (5), the members of the Investment Committee in office under the revoked Rules immediately before the commencement of these Rules shall, subject to these Rules, continue in office as members of the Investment Committee under these Rules.

(5)The Library Committee may—

(a)remove any member of the Investment Committee; or

(b)fill any vacancy on the Investment Committee.

(6)All investments of money standing to the credit of the Investment Fund shall be made in the name of a nominee company, being a company limited by guarantee—

(a)of which all directors are Judges of the Supreme Court; and

(b)which engages in no activities other than the holding of securities and other investments comprised in the Investment Fund.

8Investment Committee responsible for investments of Investment Fund

r. 8

(1)The Investment Committee shall be responsible for investing and keeping invested the Investment Fund.

(2)The Investment Committee shall ensure that—

(a)the securities in which the Investment Fund is invested are widely spread; and

(b)no undue proportion of the securities is confined to the securities of any one company or companies in a particular field of industry or commerce.

(3)The Investment Committee shall retain the services of a representative of a participant in the financial market operated by ASX Limited, who has a minimum of 15 years' experience providing personal advice concerning securities—

(a)to advise on the suitability of proposed investments for the Investment Fund;

(b)to review—

(i) at least once in each year, the performance (individually and as a whole) of the securities in which the Investment Fund is invested; and

(ii)the investments made by the Investment Committee as occasion requires—

and in each case to recommend any desirable changes; and

(c)to make a report as required by Rule11(2)(b).

(4)The Investment Committee may from time to time retain the services of any other suitably qualified advisor.

9Investments

r. 9

The Investment Fund shall be invested in accordance with the provisions of the law of the State of Victoria relating to the investment of trust funds.

10Income and Expenditure Account

(1)All income from investments made by the Investment Committee shall be paid to the Income and Expenditure Account.

(2)The proceeds of the realisation of any securities forming part of the Investment Fund shall be credited to the Investment Fund.

(3)The Library Committee may from time to time transfer any moneys standing to the credit of the Income and Expenditure Account to the Investment Fund.

(4)The Investment Committee shall make available to the Library Committee such amounts of money as the Library Committee from time to time requests and for that purpose the Investment Committee may realise such of the investments forming part of the Investment Fund as it thinks fit.

11Report on the Investment Fund

r. 11

(1)The Investment Committee shall submit to the Library Committee not later than 30 September in each year a written report on the Investment Fund.

(2)The report shall be accompanied by—

(a)properly audited accounts of the Investment Fund made up to 30 June in the year immediately preceding the presentation of the report;

(b)a report in writing by the representative retained pursuant to Rule 8(3) stating the representative's opinion of the investments constituting the Investment Fund and making any recommendations thought necessary or desirable in relation to the proper investment of the Investment Fund; and

(c)a statement setting out all transactions made by the Investment Committee during the period to which the accounts relate and a complete list of all the investments of the Investment Fund as at 30June in the year immediately preceding the presentation of accounts showing the descriptions, quantity and market value of the investments.

Dated:25 October 2012

M. L. WARREN, C.J.

CHRISTOPHER MAXWELL, P.

GEOFFREY NETTLE, J.A.

MARCIA NEAVE, J.A.

ROBERT REDLICH, J.A.

PAMELA TATE, J.A.

R. S. OSBORN, J.A.

SIMON P. WHELAN, J.A.

PHILLIP PRIEST, J.A.

D. J. HABERSBERGER, J.

STEPHEN KAYE, J.

ELIZABETH HOLLINGWORTH, J.

KEVIN H. BELL, J.

ANTHONY CAVANOUGH, J.

r. 11

ELIZABETH CURTAIN, J.

TONY PAGONE, J.

ROSS ROBSON, J.

JAMES JUDD, J.

PETER VICKERY, J.

EMILIOS KYROU, J.

DAVID F. R. BEACH, J.

JENNIFER DAVIES, J.

KARIN EMERTON, J.

CLYDE CROFT, J.

ANNE FERGUSON, J.

M. L. SIFRIS, J.

PETER ALMOND, J.

JOHN DIXON, J.

C. MACAULAY, J.

GREG GARDE, J.

r. 11

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ENDNOTES

Endnotes

1.General Information

The Supreme Court Library Fund (Investment) Rules 2012, S.R.No.120/2012 were made on 25 October 2012 by the Governor in Council under section 25 of theSupreme Court Act 1986, No.110/1986 and came into operation on 31 October 2012: rule 3.

The Supreme Court Library Fund (Investment) Rules 2012 will sunset 10years after the day of making on 25 October 2022 (see section 5 of the Subordinate Legislation Act 1994).

2.Table of Amendments

There are no amendments made to the Supreme Court Library Fund (Investment) Rules 2012 by statutory rules, subordinate instruments and Acts.

Endnotes

3.Explanatory Details

Endnotes

[1] Rule 4(a): S.R. No. 118/2002 as amended by S.R. No. 95/2008.

[2] Rule 4(b): S.R. No. 95/2008.

[3] Rule 5 definition of Library Committee: S.R. No. 96/2009.