7Functions of Board

7 Functions of Board

(1)  The functions of the Board are to –

(a) provide grants out of the Fund for community purposes as the Board thinks fit; and

(b) manage the Fund, in any manner in which the Board thinks fit, so as to maximise the return earned on any money standing to the credit of the Fund, having regard to the need to –

(i) provide grants out of the Fund; and

(ii) exercise reasonable care and prudence so as to maintain the integrity of the Fund; and

(c) conduct its operations in an efficient, effective and economical manner.

(2)  For the purposes of subsection (1)(a) , grants may be made by the Board for –

(a) charitable purposes; and

(b) sporting or recreational purposes; and

(c) cultural and arts purposes; and

(d) educational purposes; and

(e) religious purposes; and

(f) any other community purpose approved by the Minister on the recommendation of the Board.

(3)  The Board may distribute, at its sole discretion, the whole or any part of the balance standing to the credit of the Fund.

(4)  The Board may, at its sole discretion, resolve to accumulate the whole or any part of the balance standing to the credit of the Fund and to invest the whole or any part of that balance, with the intent that the accumulations are to be available for subsequent distribution in future financial years.

(5)  In performing its functions and exercising its powers, the Board must –

(a) act honestly in all matters concerning the Fund; and

(b) ensure that its functions and powers are performed and exercised in the best interests of the Tasmanian community.

(6)  The Board may make arrangements with the Secretary of the Department for persons employed in the Department to be made available to the Board to enable the Board to perform its functions and exercise its powers under this Act and those persons may, in conjunction with State Service employment, serve the Board in any capacity.