South Australian Current Regulations

PUBLIC CORPORATIONS (INTERNATIONAL KOALA CENTRE OF EXCELLENCE) REGULATIONS 2018 - REG 20

20—Requirements relating to Gift Fund

        (1)         Gift Fund assets will from time to time be applied by the Gift Fund management committee, in accordance with the rules of the Gift Fund prepared and maintained by the Gift Fund management committee, solely towards the principal purpose of IKCE under regulation 14.

        (2)         Gift Fund assets must be used and applied solely towards that principal purpose and no portion may be distributed, paid or transferred directly or indirectly (whether by way of dividend, bonus, profit or otherwise) to a director of IKCE or to the Crown.

        (3)         IKCE must ensure that no money or property that is not of a kind referred to in regulation 19(1) is paid or credited into the Gift Fund.

        (4)         In this regulation—

"Gift Fund assets" means money and property from gifts paid and credited into the Gift Fund (including, any income earned on that money and property).