New South Wales Consolidated Acts

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 167

167 Application of money in Compensation Fund

(1) Money in the Compensation Fund may be applied for any purpose for which it is required or permitted to be applied by or under this or any other Act.

(2) The Secretary may apply money held in the Compensation Fund (in such order as the Secretary decides) for all or any of the following purposes--

(a) satisfying claims (including costs) established against the Compensation Fund in accordance with this or any other Act,

(b) meeting legal expenses incurred by the Secretary in connection with claims against the Compensation Fund,

(c) meeting expenses incurred by the Secretary in or in relation to appearances before a court or tribunal with respect to licences under this Act or the Conveyancers Licensing Act 2003 ,

(d) meeting the costs of administering the Compensation Fund,

(e) investing in schemes that relate to the provision of residential accommodation or, subject to such terms and conditions as may be prescribed by the regulations, in loans to authorised deposit-taking institutions.

(3) The Treasurer may determine whether any such money is to be invested in any such scheme or loan and the amount to be invested in a scheme or loan.