79MAuthority money—separate funds for covered industries

79M Authority money—separate funds for covered industries (1) The authority must establish and keep a separate fund for money of the authority in relation to each covered industry. (2) The money of the authority must be kept and applied in a way that enables the money of the authority that relates to each covered industry to be separately identified. (3) However the authority may establish a common fund— (a) to pay the costs, expenses or other obligations of the authority that relate to more than 1 covered industry; or (b) to invest the money of the authority in an investment for more than 1 covered industry. 79N 3-yearly investigation by actuary (1) The governing board must appoint an actuary for this Act. Note For laws about appointments, see the Legislation Act, pt 19.3. (2) The actuary must conduct an investigation of the state and adequacy of the money of the authority— (a) if asked by the governing board; and (b) at least once every 3 years. (3) The actuary must report the results of the investigation to the governing board and state whether, in the actuary’s opinion, any reduction or increase is necessary in the rates of levies payable to the authority by employers or voluntary members under this Act. (4) The actuary must give the Minister a copy of each report under this section.

Notification and review of decisions Part 9