Education (Tertiary Reform) Amendment Act 2002

18 New section 201A inserted
  • The principal Act is amended by inserting, after section 201, the following section:

    201A How institutions may use income and capital
    • (1) An institution may, subject to the provisions of any enactment and the terms of any trust or endowment,—

      • (a) apply its income and capital in doing whatever the Council of the institution thinks will accomplish the goals and purposes set out in the institution's charter; and

      • (b) create, maintain, or add to, out of income, a fund or funds for any 1 or more of the purposes for which the income may be applied.

      (2) Subsection (1)(b) does not limit the generality of subsection (1)(a).