Western Australian Consolidated Acts Western Australian Consolidated Acts (1) The Minister may,
by order published in the Gazette , approve a fund for the purposes of this
Part.
(2) The Minister is
not to approve a fund unless —
(a) the
fund is, or is similar to, a mutual fund;
(b) the
rules of the fund (however described) are approved by the Minister;
(c) each
person responsible for the management of the fund is approved by the Minister
in relation to the fund;
(d) the
Minister is satisfied that there is, or will be, adequate insurance or other
provision for excess losses of the fund; and
(e) each
insurer providing the insurance referred to in paragraph (d) is
authorised under the Insurance Act 1973 of the Commonwealth to carry on
insurance business, and is approved by the Minister in relation to the fund.
(3) In deciding
whether to approve a fund, the Minister may take into account —
(a) the
independence of the persons involved in, or responsible for, the management,
provision for excess losses and auditing of the fund;
(b)
matters that do not necessarily relate to the particular fund but which relate
to the building or insurance industries generally; and
(c) any
other relevant matter.
(4) The Minister may
impose conditions on the approval and vary those conditions at any time.
[Section 25GB inserted by No. 37 of 2002
s. 16.]