South Australian Current Acts

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LAND AGENTS ACT 1994 - SECT 29

29—Indemnity fund

        (1)         The Commissioner must maintain an indemnity fund.

        (2)         The Commissioner may invest money constituting, or forming part of, the indemnity fund in accordance with the regulations.

        (3)         The indemnity fund comprises—

            (a)         the money standing to the credit of the fund kept under Part 8 of the repealed Land Agents, Brokers and Valuers Act 1973 immediately before the commencement of this Act; and

            (b)         interest paid by ADIs to the Commissioner on trust accounts; and

            (c)         money recovered by the Commissioner in relation to a fiduciary default; and

            (d)         fines recovered as a result of disciplinary proceedings under Part 4; and

            (e)         interest accruing from investment of the fund; and

            (f)         money required to be paid into the fund under this or any other Act.

        (4)         Money standing to the credit of the indemnity fund may be applied by the Commissioner for any of the following purposes:

            (a)         the costs of investigating compliance with this Act, compliance with the Land and Business (Sale and Conveyancing) Act 1994 by agents or sales representatives or possible misconduct of agents, sales representatives or property managers;

            (ab)         the costs of conciliating disputes relating to the activities of agents, sales representatives or property managers;

            (ac)         the costs of disciplinary proceedings under Part 4;

            (b)         the costs of prosecutions for offences against this Act or for alleged offences by agents or sales representatives against the Land and Business (Sale and Conveyancing) Act 1994 ;

            (c)         costs consequent on the appointment of an administrator, temporary manager or examiner under this Act;

            (d)         the costs of processing claims under this Division and of paying out those claims to the extent authorised by this Division;

            (e)         the costs of administering and insuring the fund;

            (f)         the payment of amounts, approved by the Minister, towards the cost of—

                  (i)         prescribed educational programs conducted for the benefit of agents, sales representatives, property managers or members of the public; or

                  (ii)         reviewing the operation of this Act; or

                  (iii)         reviewing the operation of the Land and Business (Sale and Conveyancing) Act 1994 insofar as it relates to agents or sales representatives;

            (g)         any other purpose specified by or under this or any other Act.



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