41. (1) The Fund shall be controlled and managed by the Agency.

(2) The Agency shall hold and invest the assets of the Fund (other than directed investments) in accordance with the provisions of this Part and the investment strategy prepared under it.

(3) The Agency shall—

(a) authorise payments from the Fund to the Exchequer and such other payments from the Fund as may be required for the management of the Fund,

(b) accept payments made, or assets transferred, to the Fund under section 46, and

(c) accept funds or assets for the benefit of the Fund from sources other than the Central Fund, if so directed by the Minister.

(4) The Agency may—

(a) hold assets of the Fund in any such manner as it considers appropriate (including in bank accounts for the Fund opened and maintained by it, including accounts in currencies other than the currency of the State),

(b) invest assets of the Fund in any such manner as it thinks appropriate (whether directly or through investment managers), including by lending, entering into contracts or other commitments of any description or purchasing any investment products (including, in particular, options, futures or other derivative financial instruments),

(c) appoint custodians for, or for any portion of, assets of the Fund,

(d) for the purpose of holding, facilitating or managing investments of the Fund, form or cause to be formed companies or other bodies corporate or acquire control of companies or other bodies corporate, or enter into joint ventures, partnerships, co-ownerships or other similar arrangements,

(e) enter into transactions of a normal banking nature, and

(f) act as an underwriter, lead manager or arranger, or in any other similar capacity (whether alone or with another person on a joint, several or joint and several basis) in relation to the issue of securities of any kind.

(5) The Investment Committee of the Agency shall—

(a) make decisions about the acquisition and disposal of assets of the Fund in accordance with the provisions of this Part and the investment strategy prepared under it and within any such parameters as may be set by the Agency,

(b) advise the Agency on the investment strategy, and

(c) oversee the implementation of the investment strategy.