Document ID: chunk:federal_register_of_legislation:F2015L00672:body:0:p1
Version: federal_register_of_legislation:F2015L00672
Segment Type: other
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Character Range: 0–2762

NOTICE OF APPROVAL
COMMONWEALTH OF AUSTRALIA
Higher Education Support Act 2003
VET Provider Approval No 5 of 2015

Approval under subclause 6(1), decision under paragraph 11(1)(a), and notice of approval under paragraph 11(1)(b) of Schedule 1A to the Higher Education Support Act 2003 (the Act).

I, Maryann Quagliata, a delegate of the Minister for Education and Training
   (a)      approve the application of Aurora Training Institute Pty Ltd as trustee for The Aurora Trust
   (ACN: 081 027 634  ABN:  18 095 833 959) as a VET provider in accordance with subclause 6(1) of Schedule 1A to the Act; and
   (b)      imposes conditions on the approval of Aurora Training Institute Pty Ltd as trustee for The Aurora Trust as a VET Provider in accordance with subclause 12A(1) of Schedule 1A to the Act; and
   (c)       note that this approval decides the application of Aurora Training Institute Pty Ltd as trustee for The Aurora Trust as required by paragraph 11(1)(a) of Schedule 1A to the Act; and
   (d)      hereby give Aurora Training Institute Pty Ltd as trustee for The Aurora Trust written notice of my approval as required by paragraph 11(1)(b) of Schedule 1A to the Act.

Conditions
Subclause 12A(1) of Schedule 1A to the Act provides for the Minister to impose conditions on a body's approval as a VET provider. The conditions to be imposed on Aurora Training Institute Pty Ltd as trustee for The Aurora Trust's approval are listed below:

      1. Aurora Training Institute Pty Ltd as trustee for the Aurora Trust must maintain adequate liquidity levels as measured by a current ratio of 1.0 or above for the period of its approval.

      2. Aurora Training Institute Pty Ltd as trustee for the Aurora Trust must maintain a positive equity position for the period of its approval.

      3. Aurora Training Institute Pty Ltd as trustee for the Aurora Trust must not provide any new guarantees or loans to its directors or related entities that could have a material effect on its finances for the period of its approval.

      4. Aurora Training Institute Pty Ltd as trustee for the Aurora Trust 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. Aurora Training Institute Pty Ltd as trustee for the Aurora Trust 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 31 December each