150Use of surplus money in Guarantee Fund

150 Use of surplus money in Guarantee Fund

(1)  In this section –

surplus money, in relation to the Guarantee Fund, means money in the Fund that exceeds the amount of $8 million or the amount prescribed under section 149(4) (b).

(2)  Any surplus money in the Guarantee Fund is to be distributed, as agreed by the Board and the Minister –

(a) firstly, in the payment of costs incurred in administering the Residential Tenancy Act 1997 ; and

(b) secondly, to the Board to be used by it in accordance with subsection (3) ; and

(c) thirdly, in the payment of costs incurred in administering the Conveyancing Act 2004 .

(3)  The Board may use the money mentioned in subsection (2)(b) for all or any of the following purposes:

(a) to pay the cost of research relating to the property agents industry;

(b) to pay the cost of educating property agents and people engaged or to be engaged in the property agents industry;

(c) for any other purpose approved by the Minister.