35Application of moneys held by Museum

35 Application of moneys held by Museum

(1) Moneys held by the Museum otherwise than upon trust shall be applied only: (a) in payment or discharge of the costs, expenses and other obligations incurred by the Museum in the performance of its functions or the exercise of its powers under this Act; and (b) in payment of any remuneration and allowances payable to any person 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 Museum. (3) In addition to investments authorised by section 59 of the Public Governance, Performance and Accountability Act 2013, the Museum may invest the following in any other form of investment: (a) money accepted as a gift or bequest to the Museum; (b) money that the Museum receives from the disposal of property given, devised, bequeathed or assigned to the Museum 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(4) for obligations of the Museum 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 36.