Victorian Consolidated Legislation

Swinburne University of Technology Act 1992 - SECT 41

PART 6 PROPERTY AND FINANCIAL

Application of funds of the University

41. Application of funds of the University



(1) All fees and all other money received by or on behalf of the University
under this Act or otherwise must be applied by the Council solely for the
objects or purposes of the University and, if received for particular objects
or purposes of the University, must be applied solely for those objects or
purposes.

(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) Money of the University may be invested by the Council from time to time
in any manner in which money may be invested under the Trustee Act 1958 which
is authorised by the Council or in any other manner of investment authorised
by the Council.