40Establishment of Nominal Defendant’s Fund

#### 40 Establishment of Nominal Defendant’s Fund 40 Establishment of Nominal Defendant’s Fund (cf s 32 MAA) > > (1) There is established a fund, to be known as the Nominal Defendant’s Fund, belonging to and vested in the Authority. > > > (2) The following is to be paid into the Fund— > > > > > (a) money collected under section 41, > > > > > (b) the interest from time to time accruing from the investment of the Fund, > > > > > (c) money recovered by the Nominal Defendant under this Part, > > > > > (c1) money required to be paid into the Fund out of the Policyholders Protection Fund in accordance with section 16E of the [Insurance Protection Tax Act 2001](/view/html/inforce/current/act-2001-040), > > > > > (c2) (Repealed) > > > > > (d) money required to be paid into the Fund by or under this or any other Act. > > > (3) The following is to be paid from the Fund— > > > > > (a) money required to be paid from the Fund under section 23A or 37, > > > > > (a1) money required to be paid out of the Fund into the Policyholders Protection Fund in accordance with section 16G of the [Insurance Protection Tax Act 2001](/view/html/inforce/current/act-2001-040), > > > > > (b) all other money required to be paid from the Fund by or under this or any other Act. > > > (4) The Authority may invest money in the Fund that is not immediately required for the purposes of the Fund— > > > > > (a) if the Authority is a GSF agency for the purposes of Part 6 of the [Government Sector Finance Act 2018](/view/html/inforce/current/act-2018-055)—in any way that the Authority is permitted to invest money under that Part, or > > > > > (b) if the Authority is not a GSF agency for the purposes of Part 6 of the [Government Sector Finance Act 2018](/view/html/inforce/current/act-2018-055)—in any way approved by the Minister with the concurrence of the Treasurer. > > > (5) (Repealed) > > **s 40:** Am 2001 No 41, Sch 3 \[1\] \[2\]; 2006 No 17, Sch 1 \[17\]; 2012 No 54, Sch 3.1 \[6\] \[7\]; 2015 No 19, Sch 7 \[9\]; 2018 No 70, Sch 3.43 \[1\]; 2022 No 25, Sch 1.4\[1\].