36Building and Construction Industry Training Fund

36 Building and Construction Industry Training Fund

(1)  The Board shall establish and maintain a Fund to be called the Building and Construction Industry Training Fund.

(2)  The Board shall administer the Fund.

(3)  There shall be paid into the Fund –

(a) all levies collected under this Act; and

(b) all penalties collected under this Act; and

(c) any money derived from the investments of the Fund; and

(d) all other money received by the Board.

(4)  There may be paid out of the Fund –

(a) all amounts necessary for the implementation of a training plan; and

(b) all amounts required to be paid to collection agencies under any agreement under section 20 ; and

(c) [Section 36 Subsection (4) amended by No. 54 of 2004, s. 25, Applied:01 Mar 2005] the expenses of the Board incurred in the administration of this Act; and

(d) any amount required for a refund of the levy; and

(e) all other costs and expenses reasonably incurred by the Board in the performance of its functions.

(5)  [Section 36 Subsection (5) amended by No. 74 of 1999, Sched. 2, Applied:01 Jan 2000] For the purposes of this section, the Board, with the approval of the Treasurer, may open and maintain one or more accounts in the name of the Board with an authorised deposit-taking institution.