New South Wales Consolidated Acts

PROPERTY AND STOCK AGENTS ACT 2002 - SECT 175

175 Limits on amounts recoverable

(1) The amount that a person may recover from the Compensation Fund cannot, in any case or in any event, exceed $500,000 or, if another amount is prescribed by the regulations, the prescribed amount.

(2) The aggregate sum that may be applied in compensating all persons who suffer or incur pecuniary loss because of a failure to account, or of related failures to account, cannot exceed $2,000,000 or, if another amount is prescribed by the regulations, the prescribed amount.

(3) The Secretary may disregard subsection (2) in the case of successive failures to account by a licensee, to the extent that the Secretary is satisfied that the failures are not connected.

(4) If the total amount of claims or judgments (or both) exceeds the aggregate sum provided for by this section, the Secretary has an unfettered discretion to determine the division and allocation of the available money among the various parties (whether or not to the exclusion of any one or more of them).