South Australian Consolidated Acts South Australian Consolidated Acts (1) The Commissioner
must maintain an indemnity fund.
(2) The Commissioner
may invest money constituting, or forming part of, the indemnity fund in
accordance with the regulations.
(3) The indemnity fund
comprises—
(a) the
money standing to the credit of the fund kept under Part 8 of the repealed
Land Agents, Brokers and Valuers Act 1973 immediately before the
commencement of this Act; and
(b)
interest paid by ADIs to the Commissioner on trust accounts; and
(c)
money recovered by the Commissioner in relation to a fiduciary default; and
(d)
fines recovered as a result of disciplinary proceedings under Part 4; and
(e)
interest accruing from investment of the fund; and
(f)
money required to be paid into the fund under this or any other Act.
(4) Money standing to
the credit of the indemnity fund may be applied by the Commissioner for any of
the following purposes:
(a) the
costs of investigating compliance with this Act or possible misconduct of
agents or sales representatives;
(ab) the
costs of conciliating disputes relating to the activities of agents or
sales representatives;
(ac) the
costs of disciplinary proceedings under Part 4;
(b) the
costs of prosecutions for offences against this Act;
(c)
costs consequent on the appointment of an administrator, temporary manager or
examiner under this Act;
(d) the
costs of processing claims under this Division and of paying out those claims
to the extent authorised by this Division;
(e) the
costs of administering and insuring the fund;
(f) the
payment of amounts, approved by the Minister, towards the cost of prescribed
educational programs conducted for the benefit of agents, sales
representatives or members of the public;
(g) any
other purpose specified by or under this or any other Act.