South Australian Numbered Acts

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STATUTES AMENDMENT (UNIVERSITIES) ACT 2017 (NO 39 OF 2017) - SECT 20

20—Insertion of sections 30 to 33

After section 29 insert:

30—Creation and administration of trust funds and other funds

Subject to this Act, the University may create and administer—

            (a)         trust funds; or

            (b)         funds for any other purpose.

31—Establishment of investment common funds

        (1)         The University may establish 1 or more investment common funds for the collective investment of any trust funds and other funds held by or in the custody of the University.

        (2)         Without liability for breach of trust, the University may bring into or withdraw from any investment common fund the whole or any part of any trust fund or other fund held by or in the custody of the University.

        (3)         Subsection (2)

applies despite any direction to the contrary, whether express or implied, contained in the trust instrument.

32—Distribution of income of investment common funds

        (1)         Subject to subsection (2)

, the University must, in accordance with the instrument that established the investment common fund, periodically distribute income from each investment common fund among the funds participating in the pool.

        (2)         From time to time, the University, if it considers it expedient to do so, may—

            (a)         add some portion of the income of each investment common fund to the capital of the common fund; or

            (b)         establish a fund or funds as a provision against capital depreciation or reduction in income.

33—Commissions etc

        (1)         The University may periodically deduct an amount (not exceeding an amount determined by the Council of the total funds under management as part of the common fund ) as commission for the administration of a common fund.

        (2)         Despite section 10, the Council must not delegate the power to make a determination under subsection (1)

.

        (3)         The commission deducted under subsection (1)

is to be received and accepted by the University or fund manager (as the case requires) as full payment for the costs of administration of the common fund.

        (4)         The University must not make any other charges on the trust fund in addition to the commission received under subsection (3)

except in accordance with the trust instrument.



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