Victorian Consolidated Legislation

Financial Sector Reform (Victoria) Act 1999 - SECT 31

Supervision Fund

31. Supervision Fund



(1) Amounts standing to the credit of the Consultancy Services Fund
established under section 43A of the Financial Institutions (Victoria) Act
1992 immediately before the transfer date form part of the Supervision Fund
established under section 41 of that Act.

(2) VicFIC must pay out of the Supervision Fund at such time or times as
VicFIC determines-

   (a)  to APRA-

   (i)  such amount in respect of liabilities relating to leave or other
        entitlements of employees of VicFIC who become employees of APRA,
        being liabilities existing immediately before the date on which the
        relevant employees become employees of APRA, as is determined by
        VicFIC; and

   (ii) such amount in respect of any other liabilities of VicFIC that, by
        reason of this Act, become liabilities of APRA, as is determined by
        VicFIC;

   (b)  to ASIC-

   (i)  such amount in respect of liabilities relating to leave or other
        entitlements of employees of VicFIC who become employees of ASIC,
        being liabilities existing immediately before the date on which the
        relevant employees become employees of ASIC, as is determined by
        VicFIC; and

   (ii) such amount in respect of any other liabilities of VicFIC that, by
        reason of this Act, become liabilities of ASIC, as is determined by
        VicFIC;

   (c)  to each building society, credit union and friendly society, an amount
        determined by VicFIC as representing the amount of supervision levy
        paid by the building society, credit union or friendly society into
        the supervision fund and unexpended.