Victorian Consolidated Legislation

House Contracts Guarantee Act 1987 - SECT 46

Domestic Building (HIH) Indemnity Fund

46. Domestic Building (HIH) Indemnity Fund



(1) There is to be established a Fund to be called the Domestic Building (HIH)
Indemnity Fund.

(2) There must be paid into the Fund-

   (a)  any money appropriated by Parliament for the purposes of the Fund;

   (b)  all money paid out of the domestic building (HIH) indemnity account in
        the Building Administration Fund under section 200(7D) of the
        Building Act 1993;

   (c)  money recovered by the State from any person under a right assigned
        under section 43;

   (d)  money paid or recovered under section 44;

   (e)  all other money authorised or required to be paid to the Fund by any
        person or body;

   (f)  income from the investment of the Fund.

(3) There may be paid out of the Fund-

   (a)  the costs and expenses incurred in establishing and administering the
        indemnity scheme under this Part;

   (b)  money directed under section 47 to be paid out of the Fund;

   (c)  the amount of any claim payable under this Part;

   (d)  any amount determined by the Auditor-General to defray the reasonable
        costs and expenses of an audit of the accounts of the Fund;

   (e)  any other amount authorised under this Part or under any other Act to
        be paid out of the Fund.

(4) All amounts paid out of the Fund under subsection (3)(d) must be paid into
the Consolidated Fund.

(5) All money in the Fund is an asset of the State.