UNIVERSITY OF NOTRE DAME AUSTRALIA ACT 1989 - SECT 24
UNIVERSITY OF NOTRE DAME AUSTRALIA ACT 1989 - SECT 24
24 . Trust property
(1) The Board of
Directors —
(a) may
act as trustee or manager of any property, legacy, endowment, bequest, gift or
trust moneys for the purposes of the University or in furtherance of the work
and welfare of the University; and
(b) may
use and apply any moneys or property not immediately required for the purposes
of a trust declared in relation to them or it in any manner not at variance
with the trust.
(2) In investing any
trust funds held by the University from time to time in a common fund or in a
separate trust the Board of Directors in addition to the power to invest as
trust funds may be invested under Part III of the Trustees Act 1962 also has
power, unless otherwise provided in the trust instrument, to invest in the
purchase of improved or unimproved land or in the making of improvements on
any land vested in or owned by the University.
[Section 24 amended: No. 1 of 1997 s. 18; No. 8 of
2005 s. 48.]