INSURANCE FUND ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Governor authorised to direct transference of certain amounts to an insurance fund

   3   Investment of whole or part of fund

   4   Purposes of fund

   5   What is to be done in case of any extraordinary expenditure being made out of fund

 

THE INSURANCE FUND ACT

[Date of Commencement: 10th September, 1921]

<IN:LF:0,RT:0.1,FI:0>Cap 163.

1   Short title

<IN:LF:0,RT:0.1,FI:0>   This Act may be cited as the Insurance Fund Act.

2   Governor authorised to direct transference of certain amounts to an insurance fund

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{/akeebasubs}{akeebasubs*}

   It shall be lawful tor the Governor by Warrant addressed to the Treasurer to direct the transference on or before the thirty-first day of December, 1921, of a sum of one hundred and fifty thousand pounds, or such other sum as the Legislative Council may approve, to an account which shall be called "The Insurance Fund", and, thereafter on the thirtieth day of September, 1922, and on the same date in each succeeding year, of a sum of ten thousand pounds, or such other sum as the House of Representatives may approve until the amount of the Insurance Fund is two hundred thousand pounds.

3   Investment of whole or part of fund

   It shall be lawful for the Minister to direct the investment of the whole, or any part of the Insurance Fund in any loan or public security approved for the investment of public moneys, or the placing of the whole, or any part of it on deposit at interest with any bank in which the public moneys of the Government may be lawfully deposited, and the interest on such investments shall be carried to the credit of the fund, and shall be added to the fund and be applied and dealt with as part of the fund, provided that whenever the fund is in credit to the extent of four hundred thousand dollars, it shall be lawful for the Minister to give directions to the Accountant-General that the interest on such moneys as may be invested, or part of such interest, shall be carried to the credit of the Consolidated Fund.

4   Purposes of fund

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