New South Wales Consolidated Acts

HOME BUILDING ACT 1989 - SECT 112A

112A Building Insurance Fund

(1) The Administration Corporation is required to maintain with one or more banks, building societies or credit unions in New South Wales a Building Insurance Fund.

(2) The following amounts are to be paid into the Building Insurance Fund:

(a) the amounts transferred to the Fund from the Fair Trading Administration Corporation General Account by way of supplementation under section 113, and

(b) all money received by the Administration Corporation that is referable to BSC Insurance.

(3) Payments from the Building Insurance Fund may be made for the following purposes only:

(a) to satisfy any claims or liabilities arising under BSC Insurance,

(b) to meet costs associated with any such claims or liabilities,

(c) to meet departmental and other costs incurred in relation to the administration of BSC Insurance, including any relevant capital costs,

(d) to invest money in the Fund by way of deposit with any one or more banks, building societies or credit unions in New South Wales.

(4) In this section:
"BSC Insurance" means the insurance schemes established under this Act as in force before the commencement of Schedule 4 [3] to the Building Services Corporation Legislation Amendment Act 1996 .