Commonwealth Numbered Acts

HIGHER EDUCATION ENDOWMENT FUND ACT 2007 (NO. 160, 2007)

TABLE OF PROVISIONS

   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  

   PART 2--THE HIGHER EDUCATION ENDOWMENT FUND

           Division 1--Introduction

   10.     Simplified outline  

           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  

           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  

           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.  

           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  

   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  

   PART 4--GRANTS OF FINANCIAL ASSISTANCE TO ELIGIBLE HIGHER EDUCATION INSTITUTIONS

           Division 1--Introduction

   39.     Simplified outline  

           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  

           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  

           Division 4--Terms and conditions of grants

   50.     Terms and conditions of grants of financial assistance to eligible higher education institutions  

   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.  

   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