38Application of money by the National Film and Sound Archive of Australia

38 Application of money by the National Film and Sound Archive of Australia

(1) The money of the National Film and Sound Archive of Australia is to be applied only: (a) in payment or discharge of the costs, expenses and other obligations incurred or undertaken by the National Film and Sound Archive of Australia in the performance of its functions and the exercise of its powers; and (b) in payment of any remuneration or allowances payable under this Act. (2) Subsection (1) does not prevent investment, under subsection (3) of this section or section 59 of the Public Governance, Performance and Accountability Act 2013, of money that is not immediately required for the purposes of the National Film and Sound Archive of Australia. (3) In addition to investments authorised by section 59 of the Public Governance, Performance and Accountability Act 2013, the National Film and Sound Archive of Australia may invest the following in any other form of investment: (a) money accepted as a gift or bequest to the National Film and Sound Archive of Australia; (b) money that the National Film and Sound Archive of Australia receives from the disposal of property given, devised, bequeathed or assigned to the National Film and Sound Archive of Australia by a person other than the Commonwealth; (c) income received from an investment made under this subsection or from the disposal of such an investment.

Note: See subsection 7(3) for obligations of the National Film and Sound Archive of Australia as trustee of a trust.

(4) An investment under subsection (3), or the disposal of such an investment, must be in accordance with a policy in force under section 38A.