22Application of moneys of Library

22 Application of moneys of Library

(1) The moneys of the Library shall be applied only: (a) in payment or discharge of the costs and expenses of the Library under this Act; and (b) in payment of the remuneration, allowances and expenses of the members of the Council. (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 Library. (3) In addition to investments authorised by section 59 of the Public Governance, Performance and Accountability Act 2013, the Library may invest the following in any other form of investment: (a) money accepted as a gift or bequest to the Library; (b) money that the Library receives from the disposal of property given, devised, bequeathed or assigned to the Library 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 Library 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 23.