New South Wales Consolidated Acts

UNIVERSITY OF NEW SOUTH WALES ACT 1989 - SECT 20B

20B Guidelines for commercial activities

(1) The Minister on the advice of the Treasurer may approve Guidelines requiring specified processes and procedures to be followed in connection with University commercial activities.

(2) The Council may submit proposals for the Guidelines to the Minister for approval.

(3) Without limitation, the Guidelines may contain provision for or with respect to the following in connection with University commercial activities:

(a) requiring feasibility and due diligence assessment,

(b) requiring the identification of appropriate governance and administrative arrangements (including as to legal structures and audit requirements),

(c) requiring the undertaking of risk assessment and risk management measures,

(d) regulating and imposing requirements concerning the delegation by the Council of any of its functions under this Act in connection with University commercial activities,

(e) declaring a specified activity to be a University commercial activity for the purposes of paragraph (b) of the definition of that expression in section 20A,

(f) establishing a protocol regarding the rights and responsibilities of members of the Council in relation to commercialisation, with a view to avoiding real or apparent conflicts of interest.

(4) The Council must ensure that the Guidelines are complied with.

(5) The Minister’s power to approve Guidelines is not limited by any proposals for Guidelines submitted by the Council or any failure by the Council to submit proposals for the Guidelines.

(6) Guidelines are approved by the Minister by giving notice in writing to the Council of the approved Guidelines. The power of the Minister on the advice of the Treasurer to approve Guidelines under this section includes the power to amend or rescind and replace the Guidelines from time to time.