Amounts held on trust

(1)

Amounts standing to the credit of the Fund must be held by the Fund Manager on trust for the benefit of overseas students and intending overseas students of registered providers, for the purpose of the Fund.

Expenditure of amounts

(2)

Those amounts must only be expended for the following purposes:

(a)

in making payments as a result of calls being made on the Fund under Division 5;

(b)

in paying premiums for insurance of the Fund;

(c)

in making investments under section 79;

(d)

in repaying loans, and interest on loans, of the Fund;

(e)

in meeting expenses incurred in managing and administering the Fund, including the Fund Manager's fees and expenses;

(f)

in refunding amounts of overpaid annual Fund contribution or special levy.