Explanation

The Procedures section of an Investment Policy Statement (IPS) typically outlines the operational aspects of implementing and maintaining the investment strategy. This includes:

1. Review and update procedures - How and when the IPS will be reviewed and updated
2. Communication protocols - How investment managers will communicate with clients
3. Reporting requirements - What reports will be provided and how frequently
4. Monitoring procedures - How the portfolio will be monitored against benchmarks

Option A is correct because explaining the steps to keep the IPS current is a key function of the Procedures section. This ensures the IPS remains relevant and aligned with the investor's changing circumstances.

Option B is incorrect because information about permissible use of leverage typically belongs in the Investment Guidelines or Constraints section of the IPS.

Option C is incorrect because details about rebalancing asset class weights are usually found in the Investment Strategy or Asset Allocation section of the IPS.

In summary, the Procedures section focuses on the administrative and operational aspects of implementing the IPS, including how it will be maintained and updated over time.