Victorian Consolidated Legislation

Municipal Association Act 1907 - SECT 16

Application of Fund

16. Application of Fund



(1) The Association may apply money in the Fund-

   (a)  in the payment of any expenses incurred in the administration of the
        Fund;

   (b)  in the repayment of money received from the Association and authorized
        depositors and interest thereon;

   (c)  in the repayment of money borrowed by the Association pursuant to
        section 19 and interest thereon; and

   (d)  in investments authorized by section 18.

(2) The Association may apply any surplus in the Fund at the end of each
financial year in the payment to each authorized depositor during that
financial year of an amount calculated on a proportionate basis having regard
to the value of deposits made by each authorized depositor and the period of
time during which such deposits were held in the Fund.