Commonwealth Consolidated Acts

AUSTRALIA COUNCIL ACT 1975 - SECT 33

             (1)  The moneys of the Council shall be applied only:

                     (a)  in payment of amounts properly payable in the performance of its functions; and

                     (b)  in payment of any remuneration and allowances payable to members of the Council or of a Board.

          (1A)  Subsection (1) does not prevent investment of surplus money of the Council under section 18 of the Commonwealth Authorities and Companies Act 1997 .

             (2)  Notwithstanding anything contained in this Act, where a gift or bequest made to the Council is subject to conditions in relation to the purposes for which it is to be applied, the moneys paid to the Council as a result of the gift or bequest, and any income derived from the investment of those moneys, may be applied for those purposes and subject to those conditions, but not otherwise.