Higher Education Support Act 2003 - VET Provider Approval No. 36 of 2015 (Cth)

NOTICE OF APPROVAL COMMONWEALTH OF AUSTRALIA Higher Education Support Act 2003 VET Provider Approval No. 36 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 The Redcliffe Aero Club (ACN: 009 819 792 ABN: 74 009 819 792) as a VET provider in accordance with subclause 6(1) of Schedule 1A to the Act; and (b) imposes conditions on the approval of The Redcliffe Aero Club 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 The Redcliffe Aero Club as required by paragraph 11(1)(a) of Schedule 1A to the Act; and (d) hereby give The Redcliffe Aero Club written notice of my approval as required by paragraph 11(1)(b) of Schedule 1A to the Act.

Conditions 1. The Redcliffe Aero Club must maintain adequate liquidity levels as measured by a current ratio of 1.0 or above for the period of its approval.

2. The Redcliffe Aero Club must maintain a positive equity position for the period of its approval.

3. The Redcliffe Aero Club 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. The Redcliffe Aero Club 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 CorporationsAct 2001.