94Establishment of Fund

94 Establishment of Fund (1) There is established by this section the Agents Licensing Fidelity Guarantee Fund of the Northern Territory. (2) The Fund: (a) is a body corporate with perpetual succession; and (b) shall have a common seal; and (c) is capable, in its corporate name, of acquiring, holding and disposing of real (including leasehold) and personal property and of suing and being sued. (3) All courts, judges and persons acting judicially shall take judicial notice of the common seal of the Fund affixed to a document and shall assume that it was duly fixed. (4) The functions of the Fund are to maintain and operate the moneys of the Fund. (5) Subject to this Act, the Fund has power to do all things that are necessary or convenient to be done for or in relation to or incidental to the performance of its functions. (6) The Minister may, by instrument in writing, determine the manner in which the Fund shall maintain and operate the moneys of the Fund, including the investment of moneys surplus to its immediate requirements and the acquisition, holding or disposal of real or personal property, and the Fund shall act in accordance with the determinations of the Minister, if any. (7) Subject to the determinations, if any, made by the Minister under subsection (6), the Fund shall: (a) keep separate records of all transactions concerning the moneys of the Fund; and (b) provide copies of the records to the Board upon demand but, in any case, not less than once in each period of 3 months; and (c) ensure that each cheque of the Fund is signed by the Registrar and another member of the Fund or, in the absence of the Registrar, by the 2 other members of the Fund.

Agents Licensing Act 1979 65 (7A) The Fund must, each year, ensure that: (a) its accounts are prepared in accordance with Australian accounting standards; and (b) those accounts are audited by a registered company auditor; and (c) a copy of the audit report is forwarded to the Minister before 30 June. (8) The exercise of the powers and functions of the Fund shall not be affected by reason only of there being a vacancy in the office of a member of the Fund.