Australian Catholic University (Queensland) Act 2007 (Qld)

Australian Catholic University (Queensland) Act 2007

An Act to provide statutory recognition of the Australian Catholic University and to facilitate its operation in Queensland

Part 1 Preliminary

1 Short title This Act may be cited as the Australian Catholic University (Queensland) Act 2007.

2 Definitions The dictionary in the schedule defines particular words used in this Act.

3 Main purposes The main purposes of this Act are to— (a) recognise the Australian Catholic University as a university; and (b) facilitate its operation in Queensland.

Part 2 The university

4 Recognition as a university The Australian Catholic University is recognised as a university in Queensland.

5 Independence of the university In relation to the provision of education by the university, the senate— (a) is solely responsible for, and has authority over, the provision of the education; and (b) is not subject to the direction of any person.

6 Use of name 'Australian Catholic University' The university and the senate are authorised to use the name 'Australian Catholic University' in relation to the conduct of the university, including in the discharge of the university's function under section 7.

7 Function of conferring awards It is a function of the university to confer higher education awards.

Part 3 Investment common funds

8 Establishment of investment common funds (1) The university may establish 1 or more investment common funds for the collective investment of funds belonging to or vested in the university. (2) The university may add funds to, or withdraw funds from, an investment common fund, without incurring any liability for breach of trust.

9 Income of investment common funds (1) The university must periodically distribute the income of an investment common fund among each fund forming the investment common fund (a component fund), having regard to the share of each component fund in the investment common fund during the period in which the income is derived. (2) Despite subsection (1), the university may— (a) add a part of the income of the investment common fund to the fund's capital; or (b) use a part of the income to establish or augment another fund to make provision against capital depreciation or reduction of income.