87Constitution, &c., of fund

87 Constitution, &c., of fund

[Section 87 Repealed by No. 63 of 1963, s. 2 and Sched. 1 ]

(1)  Without limiting the operation of section 86 , in making provision for the distribution of money to group members, the Court may provide for –

(a) the constitution and administration of a fund consisting of the money to be distributed; and

(b) either –

(i) the payment by the defendant of a fixed sum of money into the fund; or

(ii) the payment by the defendant into the fund of such instalments, and on such terms, as the Court directs so as to meet the claims of group members; and

(c) entitlements to interest earned on the money in the fund.

(2)  The costs of administering a fund are to be borne by the fund, or by the defendant in the representative proceedings, or by both, as the Court directs.

(3)  If the Court orders the constitution of a fund referred to in subsection (1) , the order is to –

(a) require notice to be given to group members in such manner as is specified in the order; and

(b) specify the manner in which a group member is to make a claim for payment out of the fund and establish the group member’s entitlement to payment; and

(c) specify a day (which is not earlier than 6 months after the day on which the order is made) on or before which the group members are to make a claim for payment out of the fund; and

(d) make provision in relation to the day by which the fund is to be distributed to group members who have established an entitlement to be paid out of the fund.

(4)  The Court may allow a group member to make a claim after the day specified under subsection (3)(c) if –

(a) the fund has not already been fully distributed or applied in accordance with an order under subsection (5) ; and

(b) it is just to do so.