152Education trust fund

152 Education trust fund (1) The Minister must keep and administer a fund called the education trust fund. (2) The assets of the fund may only be used in accordance with this section. (3) The director-general must open and maintain under the Financial Management Act 1996, section 51 (Directorate trust banking accounts) a trust account with an authorised deposit-taking institution (the education trust account) to be used only for the fund. (4) The account consists of— (a) money held by the Territory in trust in relation to anything mentioned in section 150 (Minister may grant scholarships etc); and (b) any other money that may be lawfully paid into the fund. (5) The fund may be used only for the following purposes: (a) promoting education; (b) giving bursaries, exhibitions, free places, prizes, scholarships or other forms of assistance or reward for a benefit mentioned in section 150; (c) any other purpose prescribed under the regulations.

Other provisions Part 6.2