(1) On the first occasion (if any) that a declaration is made under section 239AD, there is to be established a fund to be known as the "Terrorism Re-insurance Fund" (or
(2) The following are to be paid into the TRF--(a) all contributions required under this Division or the regulations to be paid by insurers,(b) income from the investment of money in the TRF,(c) any amounts authorised by the regulations to be paid into the TRF from the funds of the Authority,(d) all money recovered by the Authority pursuant to section 239AJ,(e) any other amounts that may lawfully be paid into the TRF.
(3) The following are to be paid out of the TRF--(a) the costs of administration of the TRF,(b) such other payments as may be authorised or required by this Division or the regulations to be so paid.
(4) The TRF is, subject to this Act, under the direction, control and management of the Authority.
(5) The Authority may invest and re-invest money in the TRF in such investments as may be determined from time to time by the Authority. Any such investment may at any time be realised, hypothecated or otherwise dealt with or disposed of in whole or in part by the Authority.