Document ID: chunk:federal_register_of_legislation:F2016L01400:body:0:p1
Version: federal_register_of_legislation:F2016L01400
Segment Type: other
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Character Range: 0–2988

NOTICE OF APPROVAL

COMMONWEALTH OF AUSTRALIA

Higher Education Support Act 2003

Higher Education Provider Approval No 3 of 2016

Approval under section 16-25, decision under paragraph 16-50(1)(a), and Notice of Approval under paragraph 16-50(1)(b) of the Higher Education Support Act 2003

I, Melissa Reardon, a delegate of the Minister for Education and Training for the purposes of sections 16-25 and 16-50 of the Higher Education Support Act 2003 (the Act):

    (a)           approve the application of The Cairnmillar Institute (ACN:  005 085 423  ABN: 27 005 085 423) as a Higher Education Provider in accordance with subsection 16‑25 of the Act; and
    (b)           impose conditions on the approval of The Cairnmillar Institute in accordance with section 16‑60 of the Act; and
    (c)            note that this approval decides the application of The Cairnmillar Institute as required by paragraph 16‑50(1)(a) of the Act; and
    (d)           hereby give The Cairnmillar Institute written notice of my approval as required by paragraph 16‑50(1)(b) of the Act.

    Conditions
      1. The Cairnmillar Institute must maintain adequate liquidity levels as measured by a current ratio of 1.0 or above for the period of its approval.
      2. The Cairnmillar Institute must maintain a positive equity position for the period of its approval.
      3. The Cairnmillar Institute will not provide any new guarantees or loans to its directors or related entities that could have a material effect on its finances.
      4. The Cairnmillar Institute must not offer its assets as security for the benefit of any other person or entity including associated entities except as a consequence of any commercial loan arrangements with a recognised financial institution for the period of its approval. Associated entity has the meaning given by section 50AAA of the Corporations Act 2001.
      5. The Cairnmillar Institute  must provide the department responsible for administering the Higher Education Support Act 2003 with all required financial information as specified in the Financial Viability Instructions, on an annual basis by no later than 30 June each year for the period of its approval.
      6. The Cairnmillar Institute must, in writing, advise the department responsible for administering the Higher Education Support Act 2003 of any events affecting The Cairnmillar Institute or a related entity that may significantly affect the capacity of The Cairnmillar Institute to meet the quality and accountability requirements under the Higher Education Support Act 2003 for the period of its approval. The written advice must be provided within 10 working days of the event occurring.
      7. The Cairnmillar Institute must inform the department responsible for administering the Higher Education Support Act 2003 in writing of changes to directors, company structure and/or its constitution for the period of its approval. The written advice must be provided within 10 working