New South Wales Consolidated Acts

GARVAN INSTITUTE OF MEDICAL RESEARCH ACT 1984 - SECT 6

6 Powers of the Institute

(1) The Institute may:

(a) for the purpose of attaining its objects, act in association with any other body, being a body, whether constituted or situated within or outside the State, having objects of a similar nature to those of the Institute,

(b) with the aim of applying the money for the purpose of attaining its objects, obtain or raise money from the public or otherwise by means of grants, subsidies, subscriptions, gifts, bequests, public appeals or in any other like manner,

(c) borrow money either without security or on the security of the whole or any part of the property of the Institute, and

(d) apply for, obtain and hold rights in industrial property and enter into agreements or arrangements for the commercial exploitation of any such rights upon such terms and conditions (including terms and conditions relating to royalties and lump sum payments, if appropriate) as the Institute thinks fit.

(2) Subject to this Act, the Institute shall have the control and management of all property for the time being vested in the Institute.

(3) The Institute may agree to any condition that is not inconsistent with its objects being imposed on its acquisition of any property.

(4) Where, by gift inter vivos, devise or bequest, the Institute acquires property, it may retain the property in the form in which it is acquired, except as provided by any condition agreed to by the Institute under subsection (3) in relation to the property.

(5) The rule of law against remoteness of vesting does not apply to a condition to which the Institute has agreed under subsection (3).

(6) Except as provided by any condition agreed to by the Institute under subsection (3) in relation to the money, the Institute may invest any money held by it in any security authorised by the Trustee Act 1925 , and not otherwise.

(7) Subject to this Act, the Institute shall have and may exercise such functions, in addition to those specified elsewhere in this Act, as are reasonably necessary for the attainment of its objects.