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Higher Education Endowment Fund Act 2007
No longer in force
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Administered by
Education, Employment and Workplace Relations
Innovation, Industry, Science and Research
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C2007A00160
24 September 2007
-
31 December 2008
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Part 1—Introduction
1 Short title
2 Commencement
3 Object
4 Simplified outline
5 Definitions
6 Financial assets
7 Crown to be bound
8 Extension to external Territories
9 Extra-territorial application
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Part 2—The Higher Education Endowment Fund
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Division 1—Introduction
10 Simplified outline
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Division 2—Establishment of the Higher Education Endowment Fund etc.
11 Establishment of the Higher Education Endowment Fund
12 Establishment of the Higher Education Endowment Fund Special Account
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Division 3—Credits of amounts to the Higher Education Endowment Fund
13 Initial credit of $5 billion to the Fund Account
14 Subsequent credits of amounts to the Fund Account—determinations by the responsible Ministers
15 Credit of amounts to the Fund Account—gifts
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Division 4—Debits of amounts from the Higher Education Endowment Fund
16 Purposes of the Fund Account
17 Future Fund Board must ensure that there is sufficient money in the Fund Account to cover authorised grants etc.
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Division 5—Transfers between the Higher Education Endowment Fund and the Future Fund
18 Transfers from the Future Fund to the Higher Education Endowment Fund
19 Transfers from the Higher Education Endowment Fund to the Future Fund
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Part 3—Investment of the Higher Education Endowment Fund
20 Simplified outline
21 Objects of investment of the Fund
22 Investment of the Fund
23 Management of investments of the Fund
24 Higher Education Endowment Fund Investment Mandate
25 Limitation on Higher Education Endowment Fund Investment Mandate
26 Future Fund Board to be consulted on Higher Education Endowment Fund Investment Mandate
27 Compliance with Higher Education Endowment Fund Investment Mandate
28 Future Fund Board must not trigger the takeover provisions of the Corporations Act 2001
29 Borrowing
30 Higher Education Endowment Fund investment policies
31 Derivatives
32 Additional financial assets
33 Securities lending arrangements
34 Investment managers
35 Custody of securities
36 Refund of franking credits
37 Realisation of non-financial assets
38 Additional function of the Future Fund Board
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Part 4—Grants of financial assistance to eligible higher education institutions
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Division 1—Introduction
39 Simplified outline
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Division 2—Higher Education Endowment Fund Advisory Board
40 Higher Education Endowment Fund Advisory Board
41 Function of the Advisory Board
42 Remuneration and allowances
43 Disclosure of interests
44 Resignation
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Division 3—Authorisation of grants
45 Authorisation of grants
46 Limits on authorisation of grants
47 Maximum Grants Rules
48 Calculation of maximum grants amount
49 Accumulated nominal earnings
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Division 4—Terms and conditions of grants
50 Terms and conditions of grants of financial assistance to eligible higher education institutions
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Part 5—Reporting obligations
51 Nominated Minister may require Future Fund Board to prepare reports or give information
52 Keeping the responsible Ministers informed etc.
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Part 6—Miscellaneous
53 Higher Education Endowment Fund Investment Mandate and Maximum Grant Rules—additional obligations of responsible Ministers
54 Nominated Minister
55 Delegation by the Education Minister
56 Delegation by the Finance Minister
57 Regulations