Seafarers Rehabilitation and Compensation Act 1992
96The Fund
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96 The Fund
The Minister may, by notice published in the Gazette, approve a trading corporation to be the Fund for the purposes of this Act if the Minister thinks that the following conditions are satisfied in relation to the trading corporation: (a) its participants represent not less than 80% of the seafarer berths on all prescribed ships; (b) it has the management and resources to: (i) quickly process and determine claims for compensation under this Act; and (ii) develop and manage rehabilitation plans under this Act; (c) subject to section 97, it has access to sufficient funds to enable the prompt settlement of all liabilities that might arise under this Act.