New South Wales Consolidated Acts

MINE SUBSIDENCE COMPENSATION ACT 1961 - SECT 10

10 Mine Subsidence Compensation Fund

(1) There shall be constituted a fund to be called the Mine Subsidence Compensation Fund.

(2) The Fund shall consist of:

(a) all moneys which immediately before the commencement of this Act were standing to the credit of the Mine Subsidence Fund,

(b) the contributions payable by the proprietors of colliery holdings pursuant to this Act,

(c) interest from time to time accruing from any investment of moneys in the Fund authorised by this Act,

(d) such moneys as are required or authorised by this Act to be paid to the Fund.

(3) There shall be paid out of the Fund:

(a) all amounts payable under this Act in respect of damage caused by subsidence or payable under section 12A,

(a1) moneys expended by the Board in the exercise of its powers under section 13A or 13B,

(b) the expenses involved in the administration of this Act, including expenses incurred in connection with the investigation of notifications of damage and claims for payment of compensation,

(c) the repayment of sums loaned to the Board together with interest thereon,

(d) such other payments as are required or authorised by this Act to be paid out of the Fund.

(4) The Fund shall be under the direction and control of the Board.

(5) There shall be paid to the credit of the Fund either by way of loan or grant such sums as may from time to time be provided for that purpose by Parliament out of the Consolidated Fund.

(6) Where there are insufficient moneys to the credit of the Fund to meet payments to be made therefrom the Board from time to time may, with the consent in writing of the Minister and subject to such terms and conditions as the Minister may impose, borrow such sums as may be necessary to meet such payments.

(7) Any moneys in the Fund which are not immediately required for the purposes of the Fund may be invested by the Board in any manner in which trustees are for the time being authorised to invest trust funds.
Any moneys which immediately before the commencement of this Act were invested pursuant to the Mine Subsidence Act 1928 shall as from such commencement be deemed to be moneys of the Fund invested pursuant to this subsection.

(8) The Board may, with the consent of the Minister, expend moneys on such works or amenities, upon such lands, as the Minister may approve, whether or not such lands were within mine subsidence insurance districts as established under the Mine Subsidence Act 1928 immediately before the commencement of this Act. No such moneys shall be so expended before the expiration of five years from the commencement of this Act and the aggregate amount of the moneys so expended shall not exceed the amount which immediately before the commencement of this Act stood to the credit of the Mine Subsidence Fund.