New South Wales Consolidated Acts

HOME BUILDING ACT 1989 - SECT 103OA

103OA Home Building Insurers Guarantee Fund

(1) There is established a Fund, to be known as the Home Building Insurers Guarantee Fund.

(2) The Fund is, subject to this Act, under the direction, control and management of the Authority.

(3) The following is to be paid into the Fund--

(a) money contributed under section 103OB,

(b) the interest and any other amounts accruing from the investment of the Fund,

(c) money recovered by the Authority under this Part, including money recovered by the Authority by the exercise of a beneficiary's rights assigned to the Authority under this Part,

(d) money borrowed for the purposes of the Fund,

(e) money required to be paid into the Fund by or under this or any other Act.

(4) The following is to be paid from the Fund--

(a) money required to be paid from the Fund by this Part,

(b) payments relating to the costs and expenses of the Authority incurred in or in connection with the exercise of its functions under this Part,

(c) repayments of money borrowed for the purposes of the Fund.

(5) The Authority may invest money in the Fund that is not immediately required for the purposes of the Fund--

(a) if the Authority is a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018 --in any way that the Authority is permitted to invest money under that Part, or

(b) if the Authority is not a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018 --in any way approved by the Minister with the concurrence of the Treasurer.