Voluntary fees held on trust

Current

(1)

If the governing body of a post-secondary education institution collects money for voluntary fees, subscriptions or charges to be paid to an organisation of students—

(a)

for voluntary membership of an organisation of students; or

(b)

for the voluntary use of a facility, service or activity; or

(c)

for voluntary participation in an activity—

the governing body holds the money for the beneficial use of the organisation of students and is not entitled to retain any of the money except to defray the costs of administration of collecting, holding or transfer of the money and to pay authorised deposit-taking institution and Government fees and charges relating to collecting, holding or transfer of the money.

(2)

In this section—

authorised deposit-taking institution has the same meaning as in the Banking Act 1959 of the Commonwealth.

This Act’s bill:Explanatory memorandum Second reading speech

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3.2.6 Voluntary fees held on trust