National Pensions Reserve Fund Act, 2000

Manager of Fund.

21.—(1) The Commission shall appoint a manager of the Fund, in this Act referred to as the “Manager”, to act as its agent in the performance of its functions under the Act.

(2) On the establishment day, the Commission shall appoint the Agency to be the Manager for a period of 10 years.

(3) After the period referred to in subsection (2) and after each period of 5 years thereafter, the Commission, acting in consultation with the Minister and with his or her consent, may appoint the Agency, or such other person as it considers to be best qualified, to be the Manager for a period of 5 years.

(4) The Manager shall supply the Commission with such information, advice and assistance regarding the responsibilities of the Commission and the activities of the Manager, investment managers, custodians and any other adviser or service provider engaged by the Commission, as the Commission may, from time to time, require.

(5) The Manager shall have all such powers as are necessary or expedient for the performance of its functions under this Act.

(6) Subject to section 26 (2), a function of the Agency under this Act shall not be considered as a function of the Agency under the National Treasury Management Agency Act, 1990 .

(7) Where a person ceases to be the Manager, the person shall, immediately upon so ceasing, surrender to the Commission all books, documents and records (including any information stored, maintained or preserved by means of any mechanical or electronic device, whether or not stored, maintained or preserved in legible form) and anything else used in the administration of the Fund which is not the property of the person.