15Education Standards Authority Fund

15 Education Standards Authority Fund

15 Education Standards Authority Fund

(1) There is to be established in the Special Deposits Account the Education Standards Authority Fund (the Fund) into which is to be paid—

(a) the fees and charges payable to the Authority under the Teacher Accreditation Act 2004, and

(b) any money appropriated by Parliament for the purposes of the Authority, and

(c) the proceeds of any property acquired by the Authority under section 19, and

(d) any other money required by or under this or any other Act to be paid into the Fund.

(2) There is to be paid from the Fund—

(a) all amounts required to meet expenditure incurred by the Authority in exercising its functions and in the administration of the education and teaching legislation, and

(b) any allowances paid to members of the Quality Teaching Committee established under the Teacher Accreditation Act 2004, and

(c) any amount authorised by the Minister to be paid from the Fund, and

(d) all other payments required by or under this or any other Act to be paid from the Fund.

(3) Despite subsection (2), money held in the Fund that consists of the fees and charges paid to the Authority under the Teacher Accreditation Act 2004 is to be applied only for the purposes of meeting costs incurred by the Authority in connection with the accreditation of teachers under that Act and in monitoring, maintaining and developing teacher quality.

(4) The Authority may invest money in the Fund—

(a) if the Authority is a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018—in any way that the Authority is permitted to invest money under that Part, or

(b) if the Authority is not a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018—in accordance with and subject to the and in any other way approved by the Minister with the concurrence of the Treasurer.