Page 260 - Historical Summaries (Persian Gulf - Vol II) 1907-1953

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3.—(i) The Board shall keep accounts recording particulars of—
(o) All the funds placed under the supervision of the Board by Us;
(b) The manner in which such funds have been invested or otherwise dealt
with;
(c) All other moneys received by the Board; and
(d) All moneys expended by the Board in the exercise of its functions.
(ii) The Board shall be entitled to retain the services of professional
accountants for the purpose of advising the Board in relation to the keeping of
its said accounts and of certifying any periodical statements which We may desire
the Board to submit.
(iii) The accounts of the Board shall be audited at least once in every year by
auditors appointed by Us to whom they shall report.

D.—Remuneration and Expenses of the Board
The members of the Board shall be paid such remuneration as We shall from
time to time determine and the Board shall be entitled to charge such remuneration
and all expenses incurred by the Board in performing its functions against moneys
standing to the credit of the account or accounts mentioned in paragraph C. 1
hereof.
E. —Notice to Bankers
1. In the event of the termination by Us of the powers of the Board, notice
of such termination shall be communicated in writing signed by Us to the Bank
of England. The said Bank shall be entitled to act upon the instructions of the
Board until such notice has been received by them.
2. In the event of the removal of a member of the Board, notice of such
removal shall be communicated in writing signed by Us to the Bank of England.
The Bank of England shall be entitled to act upon the signature of the said member i
until such notice has been received by them.
F. —Ratification
We hereby agree to ratify whatsoever the Board shall lawfully do or cause :
to be done pursuant to the provisions of these presents.
G.—Termination
We shall have power at any time by notice in writing to revoke these presents
and to determine the powers and functions of the Board.
(Signed) SHAIKH SIR ABDULLA AL-SALEM
AL-SABAH,
Ruler of Kuwait.
Before me, this twenty-third day of February 1953,
at Her Majesty’s Political Agency at Kuwait:
(Signed) C. J. PELLY,
Her Majesty's Political Agent, Kuwait.

(iii)
(Paragraph 20)

Directive for the Kuwait Investment Board, dated February 23 1953
L The Investment Board in London shall act for Us in the investment of the
surplus sterling revenues of Our State. This Directive contains Our general
instructions on the manner in which the Board should exercise its functions.
2. The investment of funds by the Board shall be in sterling securities which
shall be selected in accordance with the following instructions, and such other
instructions as We may give from time to time: —
(a) Such investment shall at all times have regard to Our best interests and
be in conformity with such information as We may give to the Board as
to future calls on the funds.
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