Clause 50

The Minister may appoint any institution of a public character to be a Central Fund Administrator for the purposes of approving institutions of a public character and regulating the administration of donations made to an institution of a public character approved under section 37.(2) For the purposes of this section, the Minister may make regulations to provide for —

the manner and criteria to be adopted by Central Fund Administrators for approving institutions of a public character;

the use of donations, issue of tax deduction receipts and maintenance of donation records and accounts by institutions of a public character approved under section 37; and

generally giving effect to or for carrying out the purposes of this section.(3) Where any Central Fund Administrator appointed by the Minister or any institution of a public character approved by the Minister or any Central Fund Administrator under section 37 contravenes any regulations made under subsection (2) —

the Central Fund Administrator or the institution of a public character, as the case may be, shall be liable to pay to the Comptroller a financial penalty of the higher of $100 or the amount ascertained by the formula 0.4 x the total value of the donations (as determined under section 37(2)) which ought not to be allowed a deduction under section 37(2) by reason of the contravention;

the Minister may revoke the appointment of the Central Fund Administrator; and

the Minister or the appropriate Central Fund Administrator may revoke the approval granted to the institution of a public character.(4) The Comptroller may remit or refund the whole or any part of the financial penalty payable by any Central Fund Administrator or approved institution of a public character under subsection (3)(a).”.