Victorian Consolidated Legislation

Motor Car Traders Act 1986 - SECT 74

Motor Car Traders' Guarantee Fund

74. Motor Car Traders' Guarantee Fund



(1) There shall be kept in the Trust Fund under the
Financial Management Act 1994, a trust account to be called the "Motor Car
Traders' Guarantee Fund.

(2) There shall be paid into the Fund-

   (a)  all money standing to the credit of the Motor Car Traders' Guarantee
        Fund established under the Motor Car Traders Act 1973 immediately
        before the commencement of this section; and

   (b)  all money received by way of fees or penalties under this Act; and

   (c)  any money recovered by the Secretary to the Committee in the exercise
        of any rights, or the pursuit of remedies, to which the Secretary is
        subrogated by virtue of this Act.

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





   (a)  an amount in respect of any loss described in section 76 which is
        admitted by the Committee to have been incurred by any claimant by
        reason of any failure referred to in that section of a motor car
        trader who, at the relevant time, was (or who the claimant reasonably
        believed was) a licensed motor car trader under this Act or the Motor
        Car Traders Act 1973; and

   (b)  any refund of fees paid under this Act.





(4) There shall be paid out of the Fund the costs of administration of this
Act.