Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The payment to a trustee of a fund of a grant of financial assistance is subject to the following conditions:
(a) a condition that the amount of financial assistance granted will be deposited in the corpus of the fund;
(b) a condition that the amount will be applied, within a period determined by the Minister:
(i) in making payments to persons who were beneficiaries in the fund at the time the fund suffered the eligible loss; or
(ii) for the benefit of those persons in such other manner as the Minister approves in writing;
(c) a condition that a trustee of the fund will prepare and give to the Minister such reports on the application of the amount as are required by the Minister;
(d) such other conditions (if any) as the Minister determines and notifies in writing to a trustee of the fund.
(2) Despite any law of the Commonwealth, a State or a Territory, whether written or unwritten, or any provision of a trust deed or other rules according to which a fund is administered:
(a) a trustee of a fund must comply with a condition mentioned in paragraph (1)(b); and
(b) the trustee does not contravene the law, trust deed or rules by complying with such a condition.