New South Wales Consolidated Acts

SPORTING INJURIES INSURANCE ACT 1978 - SECT 11A

11A Establishment of Supplementary Sporting Injuries Fund

(1) The Committee shall establish, administer and control a fund, to be called the “Supplementary Sporting Injuries Fund”.

(2) The Supplementary Fund shall be comprised of:

(a) all money transferred to the Supplementary Fund pursuant to subsection (5),

(b) all money paid to the Committee from the Treasury pursuant to notices served under section 11B (2),

(c) all money recovered by the Committee pursuant to section 35A,

(d) gifts made to the Committee for the purposes of the Supplementary Fund, and

(e) investments made by the Committee under section 12 with respect to money forming part of the Supplementary Fund.

(3) There shall be paid from the Supplementary Fund:

(a) the costs of administering this Act in so far as those costs relate to enrolled student participants of schools and enrolled participants of the Department, including the cost of meeting any claims made by or with respect to enrolled student participants and enrolled participants for benefits under this Act, and

(b) the money required to repay or pay, as the case may be, under subsection (6) any money transferred to the Supplementary Fund pursuant to subsection (5) and any interest payable thereon.

(4) The Committee shall ensure that the money in the Supplementary Fund is sufficient to meet the liabilities that are or may be required to be met from time to time by the Supplementary Fund, but nothing in this subsection requires the Committee to transfer amounts under subsection (5) from the Fund to the Supplementary Fund except in such circumstances as the Committee thinks fit.

(5) In the discharge of its duty under subsection (4), the Committee may transfer from the Fund to the Supplementary Fund from time to time such amounts as it considers appropriate.

(6) Subject to subsection (4), the Committee shall, at such times as it thinks fit:

(a) repay from the Supplementary Fund to the Fund money transferred to the Supplementary Fund pursuant to subsection (5), and

(b) pay to the Fund from the Supplementary Fund interest thereon, calculated at the rate prescribed by the regulations, in relation to the period for which the money so transferred comprised part of the Supplementary Fund.