74Motor Car Traders' Guarantee Fund

74 Motor Car Traders' Guarantee Fund S. 74(1) substituted by No. 52/1998 s. 169(1). (1) There shall be kept in the Trust Fund under the **Financial Management Act 1994**, a trust account to be called the "Motor Car Traders' Guarantee Fund. (2) There shall be paid into the Fund— (a) all money standing to the credit of the Motor Car Traders' Guarantee Fund established under the **Motor Car Traders Act 1973** immediately before the commencement of this section; and (b) all money received by way of fees or penalties under this Act; and (c) any money recovered by the Secretary to the Committee in the exercise of any rights, or the pursuit of remedies, to which the Secretary is subrogated by virtue of this Act. S. 74(3) amended by No. 6/1989 s. 19(a)(b). (3) There shall be paid out of the Fund— S. 74(3)(a) inserted by No. 6/1989 s. 19(a). (a) an amount in respect of any loss described in section 76 which is admitted by the Committee to have been incurred by any claimant by reason of any failure referred to in that section of a motor car trader who, at the relevant time, was (or who the claimant reasonably believed was) a licensed motor car trader under this Act or the **Motor Car Traders Act 1973**; and S. 74(3)(b) inserted by No. 6/1989 s. 19(b). (b) any refund of fees paid under this Act. S. 74(4) substituted by No. 52/1998 s. 169(2). (4) There shall be paid out of the Fund the costs of administration of this Act.