17Establishment of aquaculture research trust account—the Act, s 157(10)(a)

17 Establishment of aquaculture research trust account—the Act, s 157(10)(a)

17 Establishment of aquaculture research trust account—the Act, s 157(10)(a)

(1) The Minister must establish and operate a separate research trust account (the aquaculture research trust account) under the Act, section 157(2) for the purposes for which contributions are made under section 16(1).

(2) The research trust account must be established at an authorised deposit-taking institution located in New South Wales.

(3) The name of the research trust account must include the words “Aquaculture Research Trust Account”.

(4) Money held in the aquaculture research trust account—

(a) is vested in the Minister, and

(b) must be applied in accordance with this division.

(5) The Minister may invest money held in the aquaculture research trust account that is not immediately required for the purposes specified in section 16(1)—

(a) in accordance with the Trustee Act 1925, Part 2, Division 2, as if the money were trust funds, or

(b) on deposit with the Treasurer.

(6) Subject to this division, the Minister may determine the way in which the aquaculture research trust account is operated.