Victorian Consolidated Legislation

Melbourne University Act 1958 - SECT 36

University Students Loan Fund to be established

36. University Students Loan Fund to be established



(1) There shall be established and kept by the council a fund to be called the
University Students Loan Fund (hereinafter referred to as the said fund).

(2) In addition to any money already credited to or paid into the said fund
there shall be credited to or paid into (as the case may be) the said fund-

   (a)  all moneys received in repayment of loans to students from the said
        fund, with the interest on such loans;

   (b)  any other moneys received by the council for the purpose of being paid
        into or credited to the said fund; and

   (c)  such other moneys of the University as the council may determine.





(3) Out of the said fund loans may be made to the students of the University
who are nominated in that behalf by the council or an officer of the
University appointed for the purpose by the council.



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(4) The said fund shall be administered in accordance with statutes or
regulations of the University which statutes or regulations the University is
hereby authorized to make; and, without affecting the generality of this
provision, such statutes or regulations may provide for the number of loans to
be made in every year, the terms and conditions on which loans may be made,
the interest chargeable on loans, and the repayment of loans.

(5) Any moneys standing to the credit of the said fund and not immediately
required for loans to students may be invested in any manner whatsoever
approved by the council; and the interest arising from any such investment
shall be paid into and form part of the said fund.



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(7) If at any time any sums lawfully payable in respect of claims against the
Assurance Fund under the Transfer of Land Act 1954 exceed the amount standing
to the credit thereof there shall be paid into the said Assurance Fund out of
the Consolidated Fund (which is hereby to the necessary extent appropriated
accordingly) such sum or sums as may be required to meet such excess but not
exceeding in all (in the case of any amounts theretofore transferred out of
the said Assurance Fund under the authority of section twenty-nine of the
University Act 1923 to the University Students Loan Fund) the amounts so
transferred and not repaid.

Division 3-Trust property