32Coal Mine Subsidence Compensation Fund

32 Coal Mine Subsidence Compensation Fund

32 Coal Mine Subsidence Compensation Fund

(1) There is to be established by this Act in the Special Deposits Account a fund called the Coal Mine Subsidence Compensation Fund.

(2) The following amounts are to be paid into the Fund, subject to any requirements specified in the regulations—

(a) the rate, levies and contributions payable by the proprietors of coal mines under this Act,

(b) the proceeds of investment of money in the Fund,

(c) any other money appropriated by Parliament for the purposes of the Fund or required by this or any other Act or law to be paid into the Fund.

(3) The following amounts may be paid out of the Fund, subject to any requirements specified in the regulations—

(a) all amounts payable under this Act for subsidence damage or otherwise payable under this Act,

(b) money expended by the Chief Executive in the exercise of the Chief Executive’s functions under Part 4,

(c) the expenses involved in the administration of this Act,

(d) such other amounts as are authorised to be paid out of the Fund by this or any other Act or law.

(4) The Chief Executive is to manage and control the Fund in accordance with this Act and the regulations.

(5) The Chief Executive—

(a) is to act as trustee of money in the Fund, and

(b) is to invest the money in the Fund not immediately required for the purposes for which it is to be applied in the same way as trustees may invest trust funds, and

(c) subject to any requirements specified in the regulations, is to make payments from the Fund as authorised by this Act and the regulations, and

(d) may do all things necessary or convenient to be done in connection with the exercise of functions under this section.

(6) The regulations may make further provision with respect to the Fund and its management and control.

s 32: Am 2024 No 48, Sch 1[46].