New South Wales Consolidated Acts

MOTOR ACCIDENT INJURIES ACT 2017 - SECT 2.38

2.38 Establishment of Nominal Defendant's Fund

(cf s 40 MACA)

(1) There is established a fund, to be known as the Nominal Defendant's Fund, belonging to and vested in the Authority.

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

(a) money collected under section 2.39,

(b) the interest from time to time accruing from the investment of the Fund,

(c) money recovered by the Nominal Defendant under this Division,

(d) money required to be paid into the Fund out of the Policyholders Protection Fund in accordance with section 16E of the Insurance Protection Tax Act 2001 ,

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

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

(a) money required to be paid from the Fund under section 2.35,

(b) money required to be paid by the Nominal Defendant as the relevant insurer under Part 3,

(c) money required to be paid out of the Fund into the Policyholders Protection Fund in accordance with section 16G of the Insurance Protection Tax Act 2001 ,

(d) all other money required to be paid from the Fund by or under this or any other Act.

(4) 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.