(1) There is to be a trust account to be known as the Vocational Education and Training Trust Fund which is to form part of the Trust Fund referred to in section 9 of the Financial Administration and Audit Act 1985 and which is to be administered by the chief executive.

(2) There is to be placed to the credit of the Vocational Education and Training Trust Fund the funds generated by the performance of the Minister's function under section 8 (d) and any funds directed by the Minister under section 53 to be so credited.

(3) There is to be paid out of the Vocational Education and Training Trust Fund amounts necessary for the performance of the Minister's functions under section 8.