46Application of money by the Gallery

46 Application of money by the Gallery

(1) The money of the Gallery is to be applied only: (a) in payment or discharge of the costs, expenses and other obligations incurred or undertaken by the Gallery 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 Gallery. (3) In addition to investments authorised by section 59 of the Public Governance, Performance and Accountability Act 2013, the Gallery may invest the following in any other form of investment: (a) money accepted as a gift or bequest to the Gallery; (b) money that the Gallery receives from the disposal of property given, devised, bequeathed or assigned to the Gallery 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 8(3) for obligations of the Gallery 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 46A.