31   Investment powers

(1)  An authority has, in respect of its funds, the investment powers conferred on the authority by Part 3 of the Public Authorities (Financial Arrangements) Act 1987.

(2)  If Part 3 of that Act does not confer investment powers on an authority in respect of its funds or any particular funds, the authority may invest those funds:

(a)  in any manner authorised for the investment of trust funds, or

(b)  in any other manner approved by the Minister with the concurrence of the Treasurer.