Document ID: chunk:federal_register_of_legislation:F2015L01749:body:0:p1
Version: federal_register_of_legislation:F2015L01749
Segment Type: other
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Character Range: 0–2962

NOTICE OF APPROVAL

COMMONWEALTH OF AUSTRALIA

Higher Education Support Act 2003

Higher Education Provider Approval No 1 of 2015

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, Maryann Quagliata, a delegate of the Minister for Education for the purposes of sections 16-25 and 16-50 of the Higher Education Support Act 2003 (the Act):
    (a)           approve the application of Victorian Institute of Technology Pty Ltd (ACN:  085 128 525 ABN: 41 085 128 525) as a Higher Education Provider in accordance with section 16‑25 of the Act; and
    (b)           impose conditions on the approval of Victorian Institute of Technology Pty Ltd in accordance with section 16-60 of the Act; and
    (c)            note that this approval decides the application of Victorian Institute of Technology Pty Ltd as required by paragraph 16‑50(1)(a) of the Act; and
    (d)           hereby give Victorian Institute of Technology Pty Ltd written notice of my approval as required by paragraph 16‑50(1)(b) of the Act.

    Conditions

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

        2. Victorian Institute of Technology Pty Ltd must maintain a positive equity position for the period of its approval.

        3. Victorian Institute of Technology Pty Ltd will not provide any new guarantees or loans to its directors or related entities that could have a material effect on its finances.

        4. Victorian Institute of Technology Pty Ltd 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. Victorian Institute of Technology Pty Ltd 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 year for the period of its approval.

        6. Victorian Institute of Technology Pty Ltd must, in writing, advise the department responsible for administering the Higher Education Support Act 2003 of any events affecting Victorian Institute of Technology Pty Ltd or a related entity that may significantly affect the capacity of the Victorian Institute of Technology Pty Ltd 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. Victorian Institute of Technology Pty Ltd must