(1)  All moneys required to be paid by the Board under this Part in respect of a liability incurred by any person shall be applied by the Board in or towards the discharge of that liability in accordance with an agreement, or a determination of a competent tribunal, made in relation thereto.

(2)  Where judgment has been obtained for payment of any sum for which the Board is bound under this Part to indemnify the person against whom the judgment was obtained and that judgment is not satisfied in full within one month after it is entered, the court in which the judgment was obtained may, on the application of the judgment creditor, direct that that judgment be entered against the Board for the like sum.

(3)  No application shall be heard under subsection (2) unless at least 7 days previously a notice of intention to make the application has been served on the Board.

(4)  Where the execution of the judgment referred to in subsection (2) is stayed by order of a court, the time during which it is so stayed shall be excluded in calculating the period of one month referred to in that subsection.

(5)  A judgment entered against the Board under subsection (2) may only be enforced to the extent that the judgment in relation to which it was entered remains unsatisfied.