(1) The Investment Committee shall have power to give general or specific directions to the Board, on the investment of moneys in the Fund which are surplus to current needs; and the Director shall give to the Investment Committee any information necessary for the proper discharge of its functions.
(2) Subject to any general or specific direction of Cabinet the surplus moneys in the Fund may be invested in any of the following—
(a) the acquisition and development of land;
(b) the purchase, construction and rental of buildings;
(c) loans,
(d) government bonds and securities;
(e) shares and debentures in bodies corporate.
(3) The Investment Committee shall submit to the Board at the end of every quarter a report of its activities over the preceding quarter.