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LAND AGENTS ACT 1994 - SECT 29A

LAND AGENTS ACT 1994 - SECT 29A

29A—Division of indemnity fund into two parts

        (1)         The indemnity fund is notionally divided into two parts (Part A and Part B)—

            (a)         one part, Part A, is to consist of the balance of the indemnity fund at any particular time, less the amount standing to the credit of Part B at that time;

            (b)         one part, Part B, is to consist of $13.5 million, as credited to this part of the fund on the commencement of this section, then less any amounts paid from time to time in accordance with the scheme set out in Schedule 2A.

        (2)         Part A will be available—

            (a)         for the purposes of this Division; and

            (b)         for the purposes of any other Act that makes provision for payments from the indemnity fund,

and any reference in this Division or in another Act that relates to the indemnity fund will be taken to be a reference to Part A of the indemnity fund (unless the contrary intention appears).

        (3)         Part B will be available for the purposes of Schedule 2A.

        (4)         The Commissioner's powers of investment with respect to the indemnity fund apply to both Part A and Part B.

        (5)         This section expires when Schedule 2A expires and, on that expiry, the division of the indemnity fund into two parts will cease.