Federal Register of Legislation - Australian Government

Primary content

Higher Education Provider Approval No 2 of 2021

Authoritative Version
  • - F2021L00965
  • In force - Superseded Version
  • View Series
Approvals as made
This instrument approves the Stanley International College Pty Ltd as a higher education provider.
Administered by: Education
Exempt from sunsetting by the Legislation (Exemptions and Other Matters) Regulation 2015 s12 item 33
Registered 08 Jul 2021
Tabling HistoryDate
Tabled HR03-Aug-2021
Tabled Senate03-Aug-2021

 

NOTICE OF APPROVAL

COMMONWEALTH OF AUSTRALIA

Higher Education Support Act 2003

Higher Education Provider Approval No 2 of 2021

 

Approval under section 16-25, decision under paragraph 16-50(1a), and Notice of Approval under paragraph 16-50(1b) to the Higher Education Support Act 2003 (the Act).

I, Damian Coburn, a delegate of the Minister for Education for the purposes of 16-25, 16-50 and 16-60 of the Higher Education Support Act 2003 (the Act):

(a)      approve the application of the Stanley International College Pty Ltd (ABN: 16 130 977 221, ACN: 130 977 221) as a higher education provider in accordance with section 16-25 of the Act;

(b)     impose conditions on the approval of the Stanley International College Pty Ltd as a higher education provider in accordance with paragraph 16-60 of the Act;

(c)      note that this approval decides the application of the Stanley International College Pty Ltd as required by paragraph 16-50 (1a) of the Act; and

(d)     hereby give the Stanley International College Pty Ltd written notice of my approval as required by paragraph 16-50 (1b) of the Act.

 

Conditions

1.              Stanley International College Pty Ltd must maintain adequate liquidity levels as measured by a current ratio of 1.0 or above for the period of its approval.

2.              Stanley International College Pty Ltd must maintain a positive equity position for the period of its approval.

3.              Stanley International College Pty Ltd will not provide any new guarantees or loans to its directors or related entities that could have a material effect on its finances.

4.              Stanley International College Pty Ltd must not offer its assets as security for the benefit of any other person or entity including associated entities except as a consequence of any commercial loan arrangements with a recognised financial institution for the period of its approval. Associated entity has the meaning given by section 50AAA of the Corporations Act 2001.

5.              Stanley International College Pty Ltd must provide the department responsible for administering the Higher Education Support Act 2003 with all required financial information as specified in the Financial Viability Instructions, on an annual basis by no later than 31 December each year for the period of its approval.

6.              Stanley International College Pty Ltd must, in writing, advise the department responsible for administering the Higher Education Support Act 2003 of any events affecting Stanley International College Pty Ltd or a related entity that may significantly affect the capacity of Stanley International College Pty Ltd to meet the quality and accountability requirements under the Act for the period of its approval. The written advice must be provided within 10 working days of the event occurring.

7.              Stanley International College Pty Ltd must inform the department responsible for administering the Higher Education Support Act 2003 in writing of changes to directors, company structure and/or its constitution for the period of its approval. The written advice must be provided within 10 working days of the event occurring.

 

8.              Stanley International College Pty Ltd, as soon as practicable, advise the department responsible for administering the Higher Education Support Act 2003 of any regulatory activity undertaken or being undertaken by the Tertiary Education Quality and Standards Authority or any other regulatory body which may impact upon its operations for the period of its approval.

 

9.                  Stanley International College Pty Ltd must, as soon as practicable, advise the department responsible for administering the Higher Education Support Act 2003 of any regulatory activity that has been or is being undertaken in relation to Australian Consumer Law and/or fair trading laws for the period of its approval.

 

10.               Stanley International College Pty Ltd must provide the department responsible for administering the Higher Education Support Act 2003 with interim management reports, including, but not necessarily limited to, a balance sheet and detailed profit and loss statement attested to by a director that they present a true and fair view of the entity’s financial position within one month following 30 June and 31 December each year.


In accordance with section 16-55 of the Act and section 12 of the Legislation Act 2003 this notice of approval commences on the day after it is registered on the Federal Register of Legislation.

 

Signed by Damian Coburn

Date:                 5th  July 2021

Damian Coburn
Assistant Secretary
HELP and Provider Integrity Branch

Delegate of the Minister for Education, Skills and Employment