117Repayment fund to be established for purpose of refund of subscriptions under cancelled contracts

#### 117 Repayment fund to be established for purpose of refund of subscriptions under cancelled contracts 117 Repayment fund to be established for purpose of refund of subscriptions under cancelled contracts > > (1) The Secretary shall establish a repayment fund in respect of each person to whom this Division applies as soon as practicable after the prescribed day in relation to that person. > > > (2) There shall be paid into a repayment fund established under subsection (1) in respect of a person to whom this Division applies the amount required by section 118 to be paid by or on behalf of the person as the appropriate refund of subscriptions and there shall be paid out of that repayment fund such amounts as are required by section 119 to be paid. > > > (3) A repayment fund established under subsection (1) shall be under the direction, control and management of the Secretary. > > > (4) All money to the credit of a repayment fund established under subsection (1) shall be paid by the Secretary into an account in a bank, building society or credit union in New South Wales. > > > (5) Full and accurate accounts shall be kept by the Secretary in respect of a repayment fund established under subsection (1). > > **s 117:** Am 1996 No 24, Sch 1.