Section 31: Prohibition against using the Fund assets as collateral

31. Prohibition against using the Fund assets as collateral.___(1) The assets of the Fund shall not be used— (a) as collateral for debts, guarantees, commitments or other liabilities of any other person or entity, whether public or private; or (b) to provide borrowing to the Federal Government. (2) The Fund may use its assets as collateral in any investments under consideration, subject to the prior approval of the investment committee and the investment committee must determine, as part of its approval, that the use of such assets as collateral is beneficial to the investment of the Fund. (3) Any contract, agreement or arrangement, to the extent that it purports to encumber the assets referred to in sub-section (1), whether by way of guarantee, security, mortgage or any other form of encumbrance, shall be null and void.

Effective date: 2023-08-04

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