Higher Education Endowment Fund (Consequential Amendments) Act 2007 (161 of 2007)

Schedule 1   Amendments

Part 1   Amendments

Future Fund Act 2006

73   At the end of clause 2 of Schedule 2 (after the notes)

Add:

Purposes not related exclusively to the Fund

(2) Each of the following is a purpose of the Fund Account:

(a) paying or discharging the costs, expenses and other obligations incurred in connection with the establishment, maintenance or operation of a bank account of the Board, where those costs, expenses or obligations are not covered by:

(i) paragraph (1)(g); or

(ii) paragraph 16(1)(g) of the Higher Education Endowment Fund Act 2007;

(b) paying a premium in respect of a contract of insurance entered into by the Board, where the premium is not covered by:

(i) paragraph (1)(h); or

(ii) paragraph 16(1)(h) of the Higher Education Endowment Fund Act 2007;

(c) paying or discharging any other costs, expenses, obligations or liabilities incurred by the Board, where the costs, expenses, obligations or liabilities are not covered by:

(i) a paragraph of subclause (1); or

(ii) a paragraph of subsection 16(1) of the Higher Education Endowment Fund Act 2007;

(d) paying remuneration and allowances of Board members;

(e) paying remuneration, and other employment-related costs and expenses, in respect of members of the staff of the Agency;

(f) paying or discharging the costs, expenses and other obligations incurred by the Commonwealth under a contract entered into under section 78 or 82;

(g) paying or discharging the costs, expenses and other obligations incurred by the Commonwealth in connection with the establishment or operation of the Agency.

Note: See section 21 of the Financial Management and Accountability Act 1997 (debits from Special Accounts).