Higher Education Support Act 2003 - VET Provider Approval No. 17 of 2015 (Cth)

NOTICE OF APPROVAL COMMONWEALTH OF AUSTRALIA Higher Education Support Act 2003 VET Provider Approval No 17 of 2015

Approval under subclause 6(1), decision under paragraph 11(1)(a), and notice of approval under paragraph 11(1)(b) of Schedule 1A to the Higher Education Support Act 2003 (the Act).

I, Shelley Owen, a delegate of the Minister for Education and Training (a) approve the application of Royal Queensland Aero Club Limited (ACN: 009 660 806 ABN: 38 009 660 806) as a VET provider in accordance with subclause 6(1) of Schedule 1A to the Act; and (b) impose conditions on the approval of Royal Queensland Aero Club Limited as a VET Provider in accordance with subclause 12A(1) of Schedule 1A to the Act; and (c) note that this approval decides the application of Royal Queensland Aero Club Limited as required by paragraph 11(1)(a) of Schedule 1A to the Act; and (d) hereby give Royal Queensland Aero Club Limited written notice of my approval as required by paragraph 11(1)(b) of Schedule 1A to the Act.

Conditions

1. Royal Queensland Aero Club Limited must achieve, and thereafter maintain, a current ratio score of 1.00, following the exclusion of income received in advance from current liabilities, on or before 30 June 2017.

2. Royal Queensland Aero Club Limited must maintain a positive equity position for the period of its approval.

3. Royal Queensland Aero Club Limited will not provide any new guarantees or loans to its directors or related entities that could have a material effect on its finances for the period of its approval.

4. Royal Queensland Aero Club Limited must not offer its assets as security for the benefit of any other person or entity including associated entities except as a consequence of any commercial loan arrangements with a recognised financial institution for the period of its approval. Associated entity has the meaning given by section 50AAA of the Corporations Act 2001.