45Declaration of authorised funds

45 Declaration of authorised funds

45 Declaration of authorised funds

(Former clause 24AB (2)–(5) of 2007 Reg)

(1) The Minister may, by order published in the Gazette, declare a fund that is administered by a government entity, and that has as its principal object the provision of benefit to the community, to be an authorised fund for the purpose of this Division.

(2) An order must specify the geographical area to which the authorised fund relates.

(3) An order may also specify the following—

(a) the government entity that administers the relevant authorised fund,

(b) the guidelines that must be followed by that government entity in administering the authorised fund.

(4) The entity that administers an authorised fund is to—

(a) comply with any guidelines specified in the order that declares the fund to be an authorised fund, and

(b) notify the Chief Commissioner, at the end of each financial year, of the details of any holder of a petroleum title who has made a contribution to an authorised fund and the value of the contributions made to the fund.