South Australian Current Acts

ADELAIDE UNIVERSITY ACT 2023 - SECT 42

42—Adelaide University Student Support Fund

        (1)         The Adelaide University Student Support Fund is established and must be maintained in perpetuity.

        (2)         The assets of the Fund belong to the Crown.

        (3)         The Fund will consist of—

            (a)         the prescribed amount to be paid into the Fund on the commencement of this section; and

            (b)         money paid into the Fund at the direction or with the approval of the Treasurer; and

            (c)         income and accretions from investment of money from the Fund; and

            (d)         other money required to be paid into the Fund under any other Act.

        (4)         The Fund will be invested with the Superannuation Funds Management Corporation of South Australia in accordance with the Fund guidelines.

        (5)         The following provisions apply in relation to the application of the Fund:

            (a)         payments will be made to the University from the Fund, in accordance with the Fund guidelines, to be applied towards—

                  (i)         facilitating access to the University, and addressing equity considerations, for people within the community who have experienced disadvantages in education, or in access to education, or who are under-represented in education; or

                  (ii)         programs developed by the University in accordance with paragraph (c); or

                  (iii)         a purpose related to supporting students at the University approved by the advisory committee;

            (b)         during the prescribed period, the Treasurer must make an annual payment to the University from the Fund of $4 million to be applied by the University towards the matters specified in paragraph (a)(i), (ii) or (iii);

            (c)         the Fund guidelines must provide that at least $20 million of the Fund is dedicated towards supporting payments from the Fund to be applied by the University towards programs addressing access to the University and equity considerations for people residing in regional and outer metropolitan areas who have experienced disadvantages in education, or in access to education, or who are under-represented in education;

            (d)         if the market value of the Fund (not including the value of any amounts paid into the Fund under subsection (3)(b) or (d)) is below the prescribed amount—

                  (i)         the Treasurer must not make any additional payments to the University from the Fund other than—

                        (A)         the payment required under paragraph (b); or

                        (B)         in exceptional circumstances as determined by the Treasurer in a particular case; and

                  (ii)         any income and accretions from investment of money from the Fund must be applied towards restoring the market value of the Fund to an amount that is of or above the prescribed amount;

            (e)         administrative costs and other expenses related to the management, operation and investment of the Fund may be paid out from the Fund in accordance with the Fund guidelines.

"Editorial note—"

Section 42 will come into operation on 1 July 2024.