149Property Agents Guarantee Fund

149 Property Agents Guarantee Fund

(1)  The Trust must continue to maintain the Property Agents Guarantee Fund that was, immediately before the commencement of this section, continued in existence by virtue of section 164(1) of the repealed Act.

(2)  The Trust is to pay into the Guarantee Fund the balance of all money received by it under a scheme of arrangement, under the Conveyancing Act 2004 or from any other source after it has paid to itself any amount required –

(a) to pay the fees, allowances and expenses of members of the Trust; and

(b) to pay the remuneration of persons engaged by the Trust; and

(c) to pay the administrative expenses of the Trust, including auditors' fees.

(3)  Subject to this Part, the Guarantee Fund is to be applied by the Trust –

(a) for the purpose of compensating claimants in respect of claims allowed under this Part; and

(b) for legal or other expenses incurred in dealing with claims against the Guarantee Fund; and

(c) as agreed by the Board and the Minister under section 150 .

(4)  The Property Agents Guarantee Fund is to be built up to and be maintained at –

(a) the amount of $8 million; or

(b) such greater amount as may be prescribed.