Victorian Current Acts

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ESTATE AGENTS ACT 1980 - SECT 86

Provision where Fund insufficient to meet payment out of it

    (1)     Where the amount in the Fund is at any time insufficient to pay any claim liability or other outgoing in respect of which payment out of the Fund is authorized under section 75

        (a)     the Treasurer may advance to the Fund out of the Public Account such moneys as are necessary for the payment required; or

S. 86(1)(b) amended by No. 86/1984 s. 47(zy), repealed by No. 52/1998 s. 104(6).

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    (2)     Any moneys advanced by the Treasurer pursuant to paragraph (a) of subsection (1)—

        (a)     shall be chargeable with interest at such rate as is determined from time to time by the Treasurer;

        (b)     shall, together with any interest payable thereon, be a first charge on the Fund; and

        (c)     shall, together with any interest payable thereon, be repaid to the Public Account out of the Fund in such manner as the Treasurer directs.

S. 86(3)–(6) amended by No. 86/1994 s. 47(zy), repealed by No. 52/1998 s. 104(7).

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