62HBeneficiaries of fidelity fund

#### 62H Beneficiaries of fidelity fund 62H Beneficiaries of fidelity fund > > (1) The rules of a fidelity fund scheme must provide that the persons who benefit from the fidelity fund (the beneficiaries of the fidelity fund) are— > > > > > (a) a person on whose behalf residential building work covered by the alternative indemnity contract is done or is to be done, or > > > > > (b) a person who is a purchaser of land on which work required by Part 6 of the Act to be covered for a loss under an insurance contract, and covered by the alternative indemnity contract, is done, or > > > > > (c) a successor in title to any person referred to in paragraph (a) or (b). > > > (2) The following persons are not required to be beneficiaries of the fidelity fund— > > > > > (a) a developer who does residential building work, > > > > > (b) a person who does residential building work other than under a contract, > > > > > (c) a holder of a contractor licence who carried out residential building work, > > > > > (d) related companies, within the meaning of section 50 of the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth, to any corporate person referred to in paragraph (a), (b) or (c), > > > > > (e) a body corporate that is related, within the meaning of section 50 of the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth, to any corporate person referred to in paragraph (a), (b) or (c), > > > > > (f) a body corporate that is a related party, within the meaning of section 228 of the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth, of any corporate person referred to in paragraph (a), (b) or (c). > > > (3) Nothing in this clause prevents a person referred to in subclause (2) from being a beneficiary of the fidelity fund. > > > (4) For the purposes of this clause, the owner or owners of common property the subject of work referred to in Part 6 of the Act are taken to be purchasers of the land on which the common property is situated. > > **Parts 6B (cll 62A–62ZZC):** Ins 2017 (705), Sch 1 \[18\].