Home Building Contracts Act 1991

The Minister may, by order published in the Gazette, approve a fund for the purposes of this Part.

The Minister is not to approve a fund unless —

the fund is, or is similar to, a mutual fund; and

the rules of the fund (however described) are approved by the Minister; and

each person responsible for the management of the fund is approved by the Minister in relation to the fund; and

the Minister is satisfied that there is, or will be, adequate insurance or other provision for excess losses of the fund; and

each insurer providing the insurance referred to in paragraph (d) is authorised under the Insurance Act 1973 of the Commonwealth to carry on insurance business, and is approved by the Minister in relation to the fund.

In deciding whether to approve a fund, the Minister may take into account —

the independence of the persons involved in, or responsible for, the management, provision for excess losses and auditing of the fund; and

matters that do not necessarily relate to the particular fund but which relate to the building or insurance industries generally; and

any other relevant matter.

The Minister may impose conditions on the approval and vary those conditions at any time.