Account for the operation of the Fund

(1) The Central Bank shall open and maintain an account to be called “The Petroleum Fund Permanent Restricted Account” with an internationally recognised financial institution (to be referred to as the Custody Bank), its branch or agency, in an internationally recognised financial centre, both as recommended by the Central Bank and approved by the (2) The Custody Bank shall be an institution which is given the highest rating by two internationally recognised risk analysis agencies and which is appropriate to the role envisaged for it by this Act, and which enters into a Custody Bank Agreement with the Central Bank to assume that role. (3) The Custody Bank Agreement shall deal with, (a) the payment to the Custody Bank of usual and customary fees and charges for the establishment, holding and management of Fund, and its related advisory, audit, custodial, Management Fund 11 investment holding and similar fees and charges, by usual and customary means; (b) the matters (and in the manner, if any) mentioned in Section 9 and the First Schedule to this Act, and such other matters as the parties may agree and as may accord with international best industry practices and be reasonable in the circumstances, but in a manner consistent with, and not contrary to, this Act. (4) The Custody Bank Agreement shall be subject to the approval of the Independent Oversight Board. (5) The Governor shall provide a true and fair copy of the Custody Bank Agreement to the Public Information Office within seven days after it is signed. (6) Subject always to the other subsections of this Section, the Central Bank shall transfer the Fund to another institution if, (a) the Custody Bank ceases to be qualified under subsection (2) of this section, or resigns its mandate; or (b) the Central Bank, with the approval of the Investment Committee, decides that it is prudent to do so. (7) Upon the transfer of the role of a Custody Bank from one institution to another, the Central Bank shall, within seven days of such transfer, provide a full written explanation of the reasons to the Public Information Office and the Office shall publicize the explanation. 12 Management Fund