New South Wales Consolidated Acts

ASSOCIATED GENERAL CONTRACTORS INSURANCE COMPANY LIMITED ACT 1980 - SECT 13

13 Payment into fund of money recovered by liquidator

(2) Where the Company or the liquidator of the Company, pursuant to section 64 of the Workers’ Compensation Act 1926 , or otherwise, recovers any amount due to the Company as a consequence of the satisfaction with money borrowed from the fund of any part of any claim, judgment or award arising from or pertaining to any policy of insurance issued by the Company, the amount recovered shall, after deducting any expenses of or incidental to recovering that amount, be paid by the liquidator to the Government Insurance Office for payment into the fund in priority to all payments in respect of the debts referred to in section 441 of the Companies (New South Wales) Code .

(3) Where any amount is paid pursuant to section 30K of the Workers’ Compensation Act 1926 , from the Contribution Fund to the Company or to the liquidator of the Company as a consequence of the satisfaction with money borrowed from the fund of any part of any claim, judgment or award arising from or pertaining to any policy of insurance issued by the Company, the amount paid shall be paid by the liquidator to the Government Insurance Office for payment into the fund in priority to all payments in respect of the debts referred to in section 441 of the Companies (New South Wales) Code .

(4) This section shall have effect notwithstanding any agreement to the contrary entered into whether before or after the commencement of this Act.