Victorian Consolidated Legislation

Financial Sector Reform (Victoria) Act 1999 - SECT 17

PART 5 INDUSTRY SUPERVISION FUND

Industry Supervision Fund

17. Industry Supervision Fund



(1) There shall be established in the Trust Fund an account to be known as the
"Industry Supervision Fund".

(2) There shall be paid into the Industry Supervision Fund-

   (a)  out of the Supervision Fund under the Financial Institutions
        (Victoria) Act 1992 at such time or times as are determined by the
        Minister-

   (i)  such part of the amount standing to the credit of that Fund as VicFIC
        determines represents the amount of supervision levy paid into that
        Fund under the Co-operative Housing Societies Act 1958 before the
        commencement of item 8 of Part 1 of Schedule 2 and unexpended; and

   (ii) such part of the amount standing to the credit of that Fund as the
        Minister determines but not including any amounts received as
        supervision levy under the Financial Institutions (Victoria) Act 1992,
        the Friendly Societies Act 1986, the Friendly Societies Code or the
        Co-operative Housing Societies Act 1958;

   (b)  the amounts received as supervision levy under the
        Co-operative Housing Societies Act 1958 on or after the commencement
        of item 8 of Part 1 of Schedule 2;



   (c)  any income from the investment of money standing to the credit of the
        Industry Supervision Fund and the proceeds of sale of any investment;

   (d)  any other money approved by the Treasurer.

(3) There shall be paid out of the Industry Supervision Fund-

   (a)  expenses incurred in the administration of the
        Trustee Companies Act 1984, the
        Co-operative Housing Societies Act 1958 and the Industrial and
        Provident Societies Act 1958;

   (b)  expenses incurred in administering the Industry Supervision Fund;

   (c)  any other amounts authorised under this or any other Act to be paid
        out of the Industry Supervision Fund.

(4) Money standing to the credit of the Industry Supervision Fund may be
invested in any manner in which trust funds may be invested under the
Trustee Act 1958.