13Authority Funds

13 Authority Funds (1) An authority continued in operation under this Act must continue to maintain any fund established in the name of the authority. (2) There must be paid into the fund— (a) any investment income received by the authority; and (b) the proceeds of the sale of any investment made by the authority; and (c) any fees or other money received by the authority. (3) There must be paid out of the fund any payment that is authorised by the authority to be made out of the fund for or towards the costs and expenses of the exercise of powers or performance of functions by the authority. Sch. 2 cl. 13(4) inserted by No. 73/2012 s. 24(5), amended by Nos 32/2021 s. 7(2), 32/2022 s. 55(4). (4) This clause does not apply to the Victorian Academy of Teaching and Leadership, the Board of AMES Australia or to the board of a TAFE institute. Sch. 2 cl. 13A (Heading) amended by No. 32/2022 s. 55(5). Sch. 2 cl. 13A inserted by No. 73/2012 s. 24(6).