Section 151 — Assurance fund

(1)From the fees which are collected by the Registrar under this Act, the Authority must set apart the proportion prescribed from time to time by rules made under this Act to constitute an assurance fund, from which are to be paid —

(a)any sum necessary to compensate claimants under section 155; and

(b)any other disbursements that are directed or authorised to be paid, or expressed to be recoverable, from that fund.

(2)The Registrar may authorise payment from the assurance fund of any claim for compensation not exceeding $1,000.

(3)A claim for compensation exceeding $1,000 may be paid from the assurance fund only on the authority in writing of the Minister or on a determination by the court.

(4)If the amount to the credit of the assurance fund is inadequate to meet any claim, the deficiency is charged on and paid out of the Consolidated Fund.

(5)The assurance fund is not liable to compensate any person suffering loss, damage or deprivation occasioned by the breach by a proprietor of any trust.