SOLAR OBSERVATORY FUND.
No. 5 of 1930.
An
Act to provide a Fund for the Establishment and Endowment of a Solar
Observatory in the Territory for the Seat of Government.
[Assented to
29th March, 1930.]
BE it enacted by the King’s Most Excellent Majesty, the
Senate, and the House of Representatives of the Commonwealth of Australia, as
follows:—
Short title.
1. This Act may be cited as the Solar Observatory Fund Act 1930.
Definitions
2. In this Act, unless the contrary intention appears—
“the Director” means the Director
of the Observatory and, where there is a vacancy in the office of Director,
includes the officer for the time being in charge of the Observatory;
“the Fund” means the Fund
established under this Act;
“the Observatory” means the Solar
Observatory in the Territory for the Seat of Government;
“the trustees” means the trustees
appointed by or under this Act.
Establishment
of Fund.
3.For the purposes of this Act, there shall be a Fund which
shall be known as “The Commonwealth Solar Observatory Foundation and Endowment
Fund”.
Control of
Fund.
4.The Fund shall be vested in and
placed under the control of the trustees.
Trustees.
5. The
Director, the Secretary to the Department of the Treasury, the Secretary to the
Department of Home Affairs, and such other person as the Minister may appoint,
shall be the trustees of the Fund.
Constitution
of Fund.
6. The Fund shall consist of—
(a) donations contributed for the purposes of the foundation
and endowment of the Observatory whether such donations are in the form of
money or securities;
(b) investments made out of donations contributed prior to
the commencement of this Act for the purposes of the Observatory; and
(c)
any other money or property received by the trustees for the purposes of the
Fund.
Requests and
donations.
7. Where
any money or other property is given, devised or bequeathed to the Commonwealth
for the purposes of the Observatory, the Minister may, after report by the trustees,
direct that the money or property, or any specified part thereof, shall form
part of the Fund and thereupon that money or property or part thereof shall be
paid or transferred to the trustees for the purposes of the Fund.
Investment
of Fund.
8. The trustees may—
(a) invest moneys standing to the
credit of the Fund in securities of the Commonwealth or on deposit in the
Commonwealth Bank or in the Commonwealth Savings Bank; and
(b) convert into money any securities forming part of the Fund.
Expenditure from
investments.
9. The
trustees may expend for the purposes of the Observatory the income accruing
from investments of moneys constituting the Fund.
Report.
10.The
trustees shall, in the month of July in each year, furnish the Minister with a
report showing the amount at credit of the Fund, the total amount of donations
received during the preceding financial year, the securities in which moneys
constituting the Fund have been invested, the income accruing there from and
the total expenditure during the preceding financial year from the income of
those securities and the purposes for which the expenditure was incurred.
Audit.
11.All books and accounts kept by the trustees shall be
audited from time to time by the Auditor-General for the Commonwealth who shall
make a report of each audit to the Minister.
Regulations.
12.