What it does
This Act does four mechanical things.
First, it gives statutory recognition to the Australian Catholic University by declaring the company known as the Australian Catholic University Limited to be an official university for specified legal purposes, authorising it to be called a university and authorising it to confer degrees (s 6). The Act also states as its object to provide that statutory recognition and to facilitate the University’s operation within New South Wales (s 4).
Second, it fixes the University’s identity and governance touchstones. The Act defines “Australian Catholic University or University” as the company incorporated under the Companies (Victoria) Code under that name (s 3). It defines “constituent documents” as the memorandum and articles of association and defines “Senate” as the Senate constituted under those constituent documents (s 3). The Act declares that, subject to the Act, the Senate alone is responsible for and has authority over the provision of education within the University and is not subject in that respect to the direction of any person (s 10). The Act therefore places internal academic and educational control with the University’s Senate as constituted by its constituent documents.
Third, it supplies specific legal settings for funds and gifts. The rule against remoteness of vesting does not apply to any gift, bequest or devise accepted by the University (s 9). Investment powers and arrangements are set out in Schedule 1, which defines the University’s “funds”, permits the establishment and operation of one or more “investment common funds”, allows the University to bring trust funds into and withdraw them from such common funds “without liability for breach of trust”, prescribes distribution rules for income, allows retention of income as capital or reserves, specifies valuation and accounting treatment on contribution and withdrawal, and states that inclusion in a common fund does not affect the underlying trust or its obligations (Schedule 1 cl 1-3; see generally s 8 read with Schedule 1).