Victorian Consolidated Legislation

Transport Accident Act 1986 - SECT 26

Fund management agents

26. Fund management agents



(1) The Commission may, for the purposes of this Act-

   (a)  appoint by an instrument any person to be a fund management agent of
        the Commission; and

   (b)  terminate any such appointment by an instrument.



(2) A fund management agent shall act as an agent subject to-

   (a)  such terms and conditions as are specified in the instrument of
        appointment; and

   (b)  such directions as are given in writing to the fund management agent
        by the Commission.

(3) A fund management agent shall be entitled to receive from the Commission
such remuneration as is agreed between the Commission and the agent.



(4) A fund management agent who contravenes or fails to comply with-

   (a)  the terms and conditions specified in the instrument of appointment;
        or

   (b)  any direction given to the agent under subsection (2)(b)-

is guilty of an offence against this Act.

(5) Subsection (4) is in addition to and not in derogation from the power of
the Commission-

   (a)  to terminate the appointment of a fund management agent; or

   (b)  to take any other appropriate proceedings against any person who is or
        has been a fund management agent.

(6) A fund management agent must keep accounting records relating to
transactions and affairs of the agent under this section in the manner and
form specified by the Commission and must retain those records for the period
specified by the Commission.

(7) For the purposes of this section, the Commission-

   (a)  may at any time, by notice in writing give a direction to a fund
        management agent or a person who, in the preceding three years has
        been a fund management agent, requiring the production at such time
        and place as are specified in the direction, of such accounting
        records relating to the transactions and affairs of the agent or of a
        person while an agent, as are so specified and in such form as is so
        specified; and





   (b)  may audit and inspect the accounting records and require the giving of
        information by fund management agents to the Commission or any person
        authorized by the Commission.

(8) The requirement under subsection (6) to retain accounting records and
subsection (7) apply in respect of a person who has, at any time in the
preceding three years, been a fund management agent.