New South Wales Consolidated Acts

BISHOPSGATE INSURANCE AUSTRALIA LIMITED ACT 1983 - SECT 3

3 Fund

(1) There shall be a fund:

(a) into which shall be paid:

(i) the contributions required by section 4 or the regulations to be paid by licensed insurers,

(ii) all income accruing from the investment or re-investment of money under subsection (3), or otherwise accruing to the fund,

(iii) any amounts received by the Government Insurance Office in the exercise of the rights, or the discharge of the obligations, referred to in section 7 (1) (other than an amount required by section 30L of the Workers’ Compensation Act 1926 , to be paid into the Contribution Fund),

(iv) any amounts payable to the Government Insurance Office pursuant to section 30K of the Workers’ Compensation Act 1926 , as a result of the application of that section, in accordance with section 9 (2), to a payment made by the Government Insurance Office, and

(v) any amounts payable to the Government Insurance Office pursuant to section 11, and

(b) 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.