Victorian Consolidated Legislation

Monash University Act 1958 - SECT 32

Application of funds of the University

32. Application of funds of the University



(1) All fees and all other moneys received by or on behalf of the University
under the provisions of this Act or otherwise shall be applied by the Council
solely for the purposes of the University.

(2) Subject to this Act, the Council may-





   (a)  borrow money at interest by way of mortgage, overdraft with an
        authorised deposit-taking institution within the meaning of the
        Banking Act 1959 of the Commonwealth or otherwise; or

   (b)  without limiting paragraph (a), obtain financial accommodation within
        the meaning of section 3 of the
        Borrowing and Investment Powers Act 1987-

for-

   (c)  the purpose of carrying out or performing any of its powers,
        authorities, duties and functions; and

   (d)  the repayment or partial repayment of any sum previously borrowed or
        financial accommodation previously obtained-

within such limits and upon such conditions as to security and otherwise as
the Treasurer, from time to time, approves after consultation with the
Minister.

(2A) The Council may, with the approval of the Minister and the Treasurer,
enter into and perform financial arrangements within the meaning of the
Borrowing and Investment Powers Act 1987 within the limits and upon the
conditions that the Minister and the Treasurer may, from time to time,
determine.

(3) Any moneys of the University may be invested by the Council from time to
time in any manner of investment authorized by the Council (whether an
authorized trustee investment or not).



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