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.