Section 30. Agreements with closely related parties
Private tertiary vocational colleges cannot execute agreements with closely related parties or transfer funds to closely related parties on other terms and conditions than what would have applied between independent parties.The tertiary vocational college must be able to document that no agreements have been executed in violation of the first subsection.If the Ministry so requests, parties closely related to private tertiary vocational colleges must allow the Ministry access to documentation on agreements as mentioned in the first subsection.The Ministry may issue regulations concerning agreements with closely related parties, including what parties are considered closely related, and requirements for documentation.
