1
Short title [see Note 1]
1 Short title [see Note 1]
This Act may be cited as the Science and Industry Endowment Act 1926.
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Commonwealth act
Creates the Science and Industry Endowment Fund with a £100,000 appropriation from the Consolidated Revenue Fund and vests control in the Chief Executive of CSIRO as trustee. The trustee may invest the capital in Commonwealth or State securities (or other permitted trust investments), apply income to assist people engaged in scientific research and training, and must apply gifts per donors’ conditions; the Auditor‑General audits the Fund and reports to the Minister.
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Direct links to the current provisions in Science and Industry Endowment Act 1926.
This Act may be cited as the Science and Industry Endowment Act 1926.
In this Act, unless the contrary intention appears, the Fund means the Fund established by this Act.
For the purposes of this Act there is hereby appropriated out of the Consolidated Revenue Fund the sum of One hundred thousand pounds.
(1) A Fund is hereby established which shall be known as the Science and Industry Endowment Fund. (2) The Fund shall consist of:
(a) the amount appropriated by this Act and of income derived from the investment of that amount or any part thereof; and
(b) gifts or bequests given or made for the purposes of the Fund and the income derived from or proceeds of the realization of the property so given or devised.
The Fund shall be vested in and placed under the control of the trustee appointed by this Act.
The Chief Executive of the Commonwealth Scientific and Industrial Research Organisation shall be the trustee of the Fund.
So much of the capital of the Fund as represents the amount appropriated by this Act shall, and any income derived from the investment of that capital which is not immediately required for the purposes of this Act may, be invested by the trustee in securities of the Commonwealth or of the States or in any other manner for the time being allowed by any Act or State Act for the investment of trust funds in Australia.
(1) The income derived from the investment of so much of the Fund as represents the amount appropriated by this Act shall be applied to provide assistance:
(a) to persons engaged in scientific research; and
(b) in the training of students in scientific research.
(2) Assistance provided under the last preceding subsection shall be provided in such cases and subject to such conditions as the trustee determines.
The trustee shall deal with and apply so much of the Fund as represents gifts or bequests or the income arising from the investment thereof in accordance with the conditions upon which the gift or bequest was given or made, or, where no conditions are attached to a gift or bequest, shall deal with and apply so much of the Fund as represents that gift or bequest, in the manner provided by sections seven and eight of this Act.
(1) The accounts of the Fund shall be audited from time to time by the Auditor‑General for the Commonwealth. (2) A report of each audit shall be made to the Minister who shall cause a copy of the report to be laid on the table of each House of the Parliament.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This Act may be cited as the Science and Industry Endowment Act 1926.
In this Act, unless the contrary intention appears, the Fund means the Fund established by this Act.
For the purposes of this Act there is hereby appropriated out of the Consolidated Revenue Fund the sum of One hundred thousand pounds.
(1) A Fund is hereby established which shall be known as the Science and Industry Endowment Fund. (2) The Fund shall consist of:
(a) the amount appropriated by this Act and of income derived from the investment of that amount or any part thereof; and
(b) gifts or bequests given or made for the purposes of the Fund and the income derived from or proceeds of the realization of the property so given or devised.
The Fund shall be vested in and placed under the control of the trustee appointed by this Act.
The Chief Executive of the Commonwealth Scientific and Industrial Research Organisation shall be the trustee of the Fund.
So much of the capital of the Fund as represents the amount appropriated by this Act shall, and any income derived from the investment of that capital which is not immediately required for the purposes of this Act may, be invested by the trustee in securities of the Commonwealth or of the States or in any other manner for the time being allowed by any Act or State Act for the investment of trust funds in Australia.
(1) The income derived from the investment of so much of the Fund as represents the amount appropriated by this Act shall be applied to provide assistance:
(a) to persons engaged in scientific research; and
(b) in the training of students in scientific research.
(2) Assistance provided under the last preceding subsection shall be provided in such cases and subject to such conditions as the trustee determines.
The trustee shall deal with and apply so much of the Fund as represents gifts or bequests or the income arising from the investment thereof in accordance with the conditions upon which the gift or bequest was given or made, or, where no conditions are attached to a gift or bequest, shall deal with and apply so much of the Fund as represents that gift or bequest, in the manner provided by sections seven and eight of this Act.
(1) The accounts of the Fund shall be audited from time to time by the Auditor‑General for the Commonwealth. (2) A report of each audit shall be made to the Minister who shall cause a copy of the report to be laid on the table of each House of the Parliament.