3.2.1 - The Russell and Mab Grimwade Miegunyah Fund Committee
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1. Preamble
The Russell and Mab Grimwade Miegunyah Fund Committee of The University of Melbourne is responsible for administering The Russell and Mab Grimwade Miegunyah Fund (“the Miegunyah Fund”) and the Russell and Mab Grimwade Bequests (“the Bequest fund”). The Committee is established under Regulation R7.235 The Russell and Mab Grimwade Miegunyah Fund (July 2005). The Miegunyah Fund is established under Regulation R7.235 The Russell and Mab Grimwade Miegunyah Fund, and the Bequest fund is established by Regulation R7.236 The Russell and Mab Grimwade Bequests (July 2005).
2. Membership
the vice-chancellor or a person nominated by the vice-chancellor
Sir Andrew Grimwade, or his nominee during his lifetime, being another person associated with the Grimwade family, and after his death, a person associated with that family who is to be selected from time to time by the Council.
The Deputy Vice-Chancellor (Academic)
The Deputy Vice-Chancellor (Research)
the President of the Academic Board
the Herald Professor of Fine Arts
the Chairperson of the Finance Committee
the Senior Vice-Principal
Not more than two members appointed annually by the Council.
The Chairperson of the Committee is the Vice-Chancellor.
3. Functions and Terms of Reference
3.1 To be responsible to Legislation and Trusts Committee and the Council for the administration of the funds except that, with respect to the Miegunyah Fund, the Committee's role is advisory only, and, save in exceptional circumstances, the Council must not exercise any powers in relation to the administration of this fund without having first obtained the advice of the Committee.
3.2 The Committee must, subject to the direction of the Council,
- Keep full and proper accounts and records of the investments, income and expenditure of each of the funds.
- Meet at least once annually as soon as is practicable after 31 January.
- Provide an annual report to the Council on the administration of the funds.
- Review in 1993, and thereafter at five-yearly intervals, on dates to be fixed by the Council, the management of, expenditure from each of the funds as well as review the objectives of each of the funds in the context of their benefit to the University.
- Consider prospectively any proposals for the expenditure of income for each of the funds in any year as well as proposals requiring such expenditure in future years.
- Recommend to the Council, where appropriate, changes to the financial management of, or investment practices with respect to, the funds.
- Provide a report to the Council on any aspect of the management or purposes of any of the funds which is requested by the Council.