Land Agents Act 1994

The Commissioner must maintain an indemnity fund.

The Commissioner may invest money constituting, or forming part of, the indemnity fund in accordance with the regulations.

The indemnity fund comprises—

the money standing to the credit of the fund kept under Part 8 of the repealed Land Agents, Brokers and Valuers

interest paid by ADIs to the Commissioner on trust accounts;

money recovered by the Commissioner in relation to a fiduciary default; and

fines recovered as a result of disciplinary proceedings under

interest accruing from investment of the fund; and

money required to be paid into the fund under this or any other

Money standing to the credit of the indemnity fund may be applied by the Commissioner for any of the following purposes:

the costs of investigating compliance with this Act, compliance with the Land and Business (Sale and

the costs of conciliating disputes relating to the activities of agents, sales representatives or property managers;

the costs of disciplinary proceedings under

the costs of prosecutions for offences against this Act or for alleged offences by agents or sales representatives against the

costs consequent on the appointment of an administrator, temporary manager or examiner under this Act;

the costs of processing claims under this Division and of paying out those claims to the extent authorised by this Division;

the costs of administering and insuring the fund;

the payment of amounts, approved by the Minister, towards the cost of—

prescribed educational programs conducted for the benefit of agents, sales representatives, property managers or members of the public;

reviewing the operation of this Act; or

reviewing the operation of the Land and Business (Sale and Conveyancing)

any other purpose specified by or under this or any other