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Part 3-2—Funders of last resort

Part 3-2 Funders of last resort

Division 1 Simplified outline of this Part

65   Simplified outline of this Part

The Commonwealth or a self-governing Territory may be the funder of last resort for a participating non-government institution of a Territory. If that is the case, then it (and not the institution) will be liable to pay funding contribution for the participating institution.

Division 2 Funders of last resort

66   Commonwealth as funder of last resort

When the Commonwealth is funder of last resort

             (1)  The Commonwealth is the funder of last resort for a non-government institution of a Territory if a declaration under subsection (2) is in force to that effect.

Declaration

             (2)  The Minister may declare, in writing, that the Commonwealth is the funder of last resort for a specified non-government institution of a Territory.

             (3)  The Minister may only make a declaration under subsection (2) in accordance with the Commonwealth Redress Scheme Agreement.

Revocation of declaration

             (4)  The Minister may revoke, in writing, a declaration under subsection (2).

Declarations and revocations are legislative instruments

             (5)  A declaration under subsection (2), and a revocation under subsection (4), are legislative instruments, but section 42 (disallowance) of the Legislation Act 2003 does not apply to those instruments.

67   Self-governing Territory as funder of last resort

When a self-governing Territory is funder of last resort

             (1)  A self-governing Territory is the funder of last resort for a non-government institution of a Territory if a declaration under subsection (2) is in force to that effect.

Declaration

             (2)  The Minister may declare, in writing, that a self-governing Territory is the funder of last resort for a specified non-government institution of a Territory.

             (3)  The Minister may only make a declaration under subsection (2) in accordance with the Commonwealth Redress Scheme Agreement.

Revocation of declaration

             (4)  The Minister may revoke, in writing, a declaration under subsection (2).

Declarations and revocations are legislative instruments

             (5)  A declaration under subsection (2), and a revocation under subsection (4), are legislative instruments, but section 42 (disallowance) of the Legislation Act 2003 does not apply to those instruments.