New South Wales Consolidated Acts

GOVERNMENT INSURANCE OFFICE (PRIVATISATION) ACT 1991 - SECT 33

33 Special trust account for proceeds of public float pending repayment of debt to State

(1) All money paid to GIO by an applicant for the issue of shares by GIO under its first registered prospectus must, until the repayment of the debt to the State created under Part 2, be held by GIO in a bank account kept by GIO solely for the purpose of depositing money paid by applicants for the issue of those shares.

(2) The terms of operation of the bank account are to be that GIO may not withdraw money from the account without the Minister’s consent and that the Minister may without restriction withdraw money from the account to repay the debt.

(3) A bank with which any such money has been deposited does not have any duty to inquire into or see to the proper application of the money so long as the bank acts in good faith.

(4) This section does not authorise the withdrawal of money from the bank account before the issue of the shares for which the money was paid.