Victorian Consolidated Legislation

Transport Accident Act 1986 - SECT 27

Transport Accident Fund

27. Transport Accident Fund



(1) The Commission shall establish and maintain a Fund to be called the
Transport Accident Fund.

(2) The following must be paid into the Fund-

   (a)  the transport accident charges and additional amounts paid under this
        Act;



* * * * *



   (c)  any amount received as a penalty for an offence against this Act or
        the regulations;



   (d)  any income from the investment of any money credited to the Fund and
        the proceeds of the sale of any investment;

   (e)  any money that the Commission borrows7;





   (f)  any money required or permitted to be paid into the Fund under this or
        any other Act;

   (fa) money received by the Commission under Part 2A;



   (fb) any money received by the Commission in relation to its functions
        under sections 12(1)(jb) and 12(1)(jc);

   (g)  all other money that the Commission receives under or for the purposes
        of this or any other Act.

(3) The following may be paid out of the Fund-

   (a)  payments of compensation under this Act or that the Commission is
        liable to pay under any other Act and payments required by a
        determination of the Commission or the Tribunal to be paid out of the
        Fund;

   (b)  payments of damages that the Commission is liable to pay;

   (c)  any refund under Part 7 and any payment required or permitted to be
        paid out of the Fund by or under this or any other Act;

   (d)  any payment required or authorized to be made or which is for or
        towards the costs and expenses of or incidental to the performance of
        the functions or the exercise of the powers of the Commission;

   (e)  all money required for the repayment of borrowings by the Commission
        and for the payment of interest payable in respect of the borrowings;

   (ea) any payment of an amount to the State under section 29A or 29B;





   (f)  any sum agreed by the Treasurer and the Attorney-General for payment
        to the Consolidated Fund in respect of court administration expenses
        relating to proceedings in respect of transport accidents before the
        commencement of section 34;

   (fa) payments to the Consolidated Fund of amounts certified by the
        Treasurer, after consultation with the Minister, representing the
        costs incurred, or to be incurred, annually by the Ombudsman in
        enquiring into or investigating administrative actions (as defined by
        the Ombudsman Act 1973) of the Commission;

   (g)  any remuneration payable to fund management agents;

   (h)  any payment whether for the whole or part of the cost of studies or
        programs approved by the Commission;

   (ha) amounts that the Commission is required to pay under Part 2A;



   (hb) any payment which the Commission becomes liable to make under a
        settlement under section 137A of the Accident Compensation Act 1985 or
        under section 38AA or 94A of this Act;

   (hc) any payment which the Commission is required to make in relation to
        its functions under sections 12(1)(jb) and 12(1)(jc);

        (i)    any other costs and expenses incurred by the Commission under
               this or any other Act;





   (j)  any payments required to fulfil any agreement made by the Commission
        in respect of the payment of the legal costs of a person who has
        applied for compensation or damages that is not otherwise authorised
        under this subsection.



* * * * *



(6) For the purposes of this section, the Commission may open and maintain one
or more accounts in the name of the Commission with any authorised
deposit-taking institution or institutions within the meaning of the
Banking Act 1959 of the Commonwealth.

(7) The Commission may invest any money standing to the credit of the Fund in
accordance with the powers conferred on it under the Borrowing and Investment
Powers Act 19878.

(8) If any money is invested under subsection (7) in the purchase of any land
or the construction or alteration of any buildings, the whole or part of the
land or buildings may be used by the Commission in connection with its powers,
duties or functions under this Act.

(9) In the performance of its functions, the Commission may for the purposes
of and in accordance with any rule of any court in that behalf, execute and
lodge with the proper officer of the court a bond conditioned for the payment
into court by the Commission of a sum of money in satisfaction of any claim.