New South Wales Consolidated Acts

ASSOCIATED GENERAL CONTRACTORS INSURANCE COMPANY LIMITED ACT 1980 - SECT 3

3 Fund

(1) There shall be a fund into which shall be paid the contributions required by section 4 or the regulations to be paid by licensed insurers, all income accruing from the investment or re-investment of money under subsection (3), or otherwise accruing to the fund, and any amounts required by section 13 to be paid into the fund and out of which shall be paid such amounts as may be authorised by this Act to be paid thereout.

(2) The fund shall, subject to this Act and the regulations, be under the direction, control and management of the Government Insurance Office.

(3) The Government Insurance Office may invest and re-invest any money in the fund in all or any one or more of the securities and investments mentioned in section 5C (1) of the Government Insurance Act 1927 , and any such securities and investments held by the Government Insurance Office pursuant to this subsection may at any time be realised, hypothecated or otherwise disposed of as the Government Insurance Office may from time to time determine.

(4) Full and accurate accounts shall be kept by the Government Insurance Office in respect of the fund.

(5) The accounts relating to the fund shall be audited by the Auditor-General.