Part 2. University Foundations
4. Establishment of foundations
1. Regulations under this Statute may establish University foundations.
2. A foundation must be connected to—
a. the University; or
b. a division, campus, department, school, institute or centre of the University.
5. Purpose, objects and constitution of a foundations
1. A foundation has the purpose of encouraging, promoting and developing the University or the division, campus, department, school, institute or centre with which it is connected.
2. Regulations which constitute a foundation may—
a. specify the objects of the foundation; and
b. regulate the operation of the foundation.
3. The objects of a foundation must be consistent with—
a. the Act; and
b. the purpose of the foundation.
4. The regulations may require that a foundation carry out the conditions of a gift, grant, bequest or devise.
6. Board of management
1. The regulations which constitute a foundation may establish a board of management of one or more persons for the foundation.
2. A board of management of a foundation has power to administer the foundation, subject to University legislation.
1. All money received for the purposes of a foundation forms a fund for that foundation and may be invested, withdrawn, distributed or used in accordance with Divisions 3 and 4 of Part 6 of the Act.
2. If a board of management has been established under section 6, the board of management must be consulted from time to time about the investment, withdrawal, distribution and use of the fund.