*       This Part sets up the Higher Education Endowment Fund.

*       The Higher Education Endowment Fund consists of:

               (a)     the Higher Education Endowment Fund Special Account; and

               (b)     the investments of the Higher Education Endowment Fund.

*       An initial amount of $5 billion must be credited to the Fund Account.

*       The responsible Ministers may determine that additional amounts are to be credited to the Fund Account.

*       Amounts may be debited from the Fund Account in accordance with the purposes of the Fund Account.

*       The main purposes of the Fund Account are:

               (a)     to make grants of financial assistance to eligible higher education institutions in relation to capital expenditure; and

               (b)     to make grants of financial assistance to eligible higher education institutions in relation to research facilities.