Federal Register of Legislation - Australian Government

Primary content

Statutes as made
This statute enables the establishment of the mechanism, including the oversight mechanism, to develop and account for the philanthropic activities of the University.
Administered by: Education and Training
General Comments: To avoid doubt, in spite of the repeal of the former Statute: (a) the establishment of the Endowment; and (b) the appointment of Governors for the Board; and (c)anything else done under the former Statute; continues in force under this Statute as if this Statute amended the former Statute accordingly.
Exempt from sunsetting by the Legislation (Exemptions and Other Matters) Regulation 2015 s12 item 09
Made 23 Mar 2012
Registered 28 Mar 2012
Tabled HR 08 May 2012
Tabled Senate 10 May 2012

THE AUSTRALIAN NATIONAL UNIVERSITY

 

Australian National University Act 1991

THE AUSTRALIAN NATIONAL UNIVERSITY ENDOWMENT
FOR EXCELLENCE STATUTE
2012

 

The Council of The Australian National University makes this Statute under section 50 of the Australian National University Act 1991.

 

Dated: 23 March 2012.

 

 

 

 

 

 

Professor the Hon Gareth Evans AO QC

Chancellor

 

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Citation

1.         This Statute may be cited as The Australian National University Endowment for Excellence Statute 2012.

Commencement

2.         This Statute commences on the day after it is registered.

Interpretation

3.         In this Statute, unless the contrary intention appears:

 

assets includes money, investments, property and other non-pecuniary material donated to the University;

Board means the Board of Governors for the Endowment established under section 7;

Director means a Director of a Foundation mentioned in section 15;

Endowment means The Australian National University Endowment for Excellence established under section 5;

Foundation means a Foundation established under section 14;

Fund means the Endowment Fund established under section 10; and

Governor means a member of the Board for the Endowment established under section 7.

 

Objects of this Statute

 

4.         The intention of this Statute is to establish the mechanism, including the oversight mechanism, to develop and account for the philanthropic activities of the University.

Establishment of Endowment

5.         The Australian National University Endowment for Excellence is established.


Functions of Endowment

6.      The functions of the Endowment are as follows:

          (a)    to raise assets on behalf of the University, whether those assets are to be held in trust for particular purposes or otherwise;

          (b)    to build a capital preserved fund;

          (c)     to support research and teaching across the University;

          (d)    to support scholarship in any form consistent with the functions of the University;

          (e)    to advise the University in relation to:

                   (i)       assets received by the University and held by the University in trust for particular purposes or uses;

                   (ii)      assets received by the University within the objects of this Statute;

                   (iii)      the creation and administration of Foundations;

          (f)     any other functions that are prescribed in the Rules.

Board of Governors

 

7.      The Council may appoint a Board of Governors:

         (a)     consisting of the Governors prescribed in the Rules; and

         (b)     appointed in accordance with the Rules.

Functions of Board

 

8.(1) The functions of the Board are to advise the Council and the Vice-Chancellor in relation to any of the functions of the Endowment and its administration.

(2)     Without limiting the generality of subsection (1), the Board may exercise the following functions:

 

         (a)     to encourage donations, gifts and bequests to the University through the Endowment;

         (b)     to engage in other fundraising activities;

         (c)      to promote the objects and functions of the Endowment;

         (d)     to oversee each Foundation established under section 14;

         (e)     to recommend to the Council that the Endowment support or administer activities of mutual interest with institutions other than the University.

(3)     The Board may advise on the practices and procedures of the Endowment, including ensuring that they are designed to provide transparency in the use of donor assets.

 

(4)     The Board must review any audit of the Endowment.

(5)     The Board must provide an annual report to the Council in relation to the financial and other business of the Endowment, including the annual reports of each Foundation.

Council may issue guidelines or directions

9.(1)  The Council may issue written guidelines or directions to the Board of Governors in relation to the carrying out of any of its functions or the exercising of any of its powers.

(2)     The Board must carry out its functions in accordance with any directions or guidelines given to it by the Council.

Endowment Fund

 

10.(1)  There is to be a Fund established for the purposes of this Statute.

(2)     All assets raised or otherwise received for the Endowment, including assets for the purposes of a capital preserved fund, are to be placed in the Fund and accounted for accordingly. 

(3)     To avoid doubt, all gifts to the University must be accounted for in the Fund.

(4)     The Fund is to make use of the University bank account for all banking purposes.

(5)     A part of the Fund may be a capital preserved fund to facilitate the investment and distribution of assets (including money earned) that are intended to support activities over an extended period.

(6)     The Board may make rules about the proper preservation and distribution of capital preserved gifts.

Variation of terms of trust

11.(1) If:

          (a)     by the terms of a trust, any property is held:

                   (i)      in trust for a charitable purpose; or

                   (ii)     in trust for a purpose of the University other than its general purposes; and

          (b)     in the opinion of the Board, it is impossible or inexpedient to carry out or observe the terms of the trust, whether as to its purpose or any other of its terms;

          the Board may ask the Council to apply to the Court to vary the terms of the trust.

(2)     In making a request under subsection (1), regard must be had to:

          (a)     the extent to which it may be necessary to depart from the terms of the trust to avoid the impossibility or inexpediency; and

          (b)     the apparent intention of the donor in creating the trust.

(3)     If the Council receives a request under subsection (1), the Council may apply to the Court for an order to vary the terms of the trust accordingly.

Trust assets to be used for purpose of trust

 

12.     Subject to any order made by the Court under subsection 11(3), nothing in this Statute empowers the University to use, for any other purpose, assets given to the University for a particular purpose.

Audit

 

13.     The Endowment Fund is subject to audit.

Foundations

14.(1)A Foundation may be established by the Council approving a charter that sets out:

            (a)   the name of the Foundation; and

            (b)   the objects and functions of the Foundation.

(2)     A Foundation comes into existence when the Council resolves to approve its charter.

(3)     The Council may, on the advice of the Board, approve the dissolution of a Foundation.

(4)     If a Foundation dissolved in accordance with subsection (3) has at the time of its dissolution, any surplus assets, those assets are to be dispersed at the direction of the Vice-Chancellor to an area or body most closely related to the objects of the Foundation.

Directors for a Foundation

15.(1)  Each Foundation is to have Directors appointed by the Vice-Chancellor.

(2)      The Chancellor and the Vice-Chancellor (or their nominees) are to be ex officio Directors in addition to the nominated Directors.

(3)      To avoid doubt, a Governor may also be a Director.

Functions of Directors

16.(1)  The function of the Directors for a Foundation is to advise the Vice-Chancellor and the Council in relation to the operation of the Foundation and its administration.

(2)      Without limiting the generality of subsection (1), the Directors may exercise the following functions:

         (a)      to advise the Vice-Chancellor in relation to achieving the aims of the Foundation;

         (b)      to encourage donations, gifts and bequests to the University through the Endowment;

         (c)      to promote the objects and functions of the Foundation;

         (d)      to advise on the practices and procedures of the Foundation to ensure that they are designed to provide transparency in the use of donor assets.

Audit and report

17.     Each Foundation is subject to audit and must report annually on its activities to the Board and through the Board to the Council.

Rules

18.     The Council may make Rules that are necessary or convenient to be made for giving effect to this Statute.

Repeal and savings

19.(1) The Australian National University Endowment for Excellence Statute (the former Statute), as amended and in force immediately before the commencement of this Statute, is repealed.

(2)     To avoid doubt, in spite of the repeal of the former Statute:

          (a)    the establishment of the Endowment; and

          (b)    the appointment of Governors for the Board; and

          (c)     anything else done under the former Statute;

         

          continues in force under this Statute as if this Statute amended the former Statute accordingly.

 

 

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