17Payments out of the Fund

17 Payments out of the Fund

17 Payments out of the Fund

(1) The following may be paid out of the Fund—

(a) amounts for the provision of financial assistance if the Board is satisfied payment of the amount is—

(i) under a program for which program guidelines have been approved under Part 3, and

(ii) in accordance with the program guidelines, and

(iii) in accordance with the objective of this Act,

(b) money required to meet administrative expenses related to the Fund or the Board up to a maximum, if any, prescribed under subsection (3).

(2) An amount may not be paid out of the Fund for the provision of financial assistance if it would cause the total amount of financial assistance provided in a financial year to be more than the maximum specified for the financial year in Schedule 1.

Note—

Underspends that are carried forward and are spent in a future financial year do not count towards the maximum for that financial year, see Schedule 1, clause 4.

(3) The regulations may prescribe—

(a) a maximum amount that may be paid out to meet administrative expenses related to the Fund or the Board in a financial year, and

(b) governance requirements related to administrative expenses.

(4) Administrative expenses related to the Board include services provided to the Board by the Education Secretary.