Property Practitioners Act, 2019 (Act No. 22 of 2019)Chapter 7 : Property Practitioners Fidelity Fund38. Payments from Fund |
| (1) | Subject to the provisions of this Act, the following must, whenever required, be paid out of the Fund: |
| (a) | The amount of all claims, including costs, allowed or established against the Fund as provided for in this Chapter; |
| (b) | in the discretion of the Board, any contribution in respect of any expense incurred by any claimant in establishing a claim; |
| (c) | all legal, accounting and other expenses incurred in investigating and defending claims made against the Fund or otherwise incurred in relation to the Fund; |
| (d) | all premiums payable in respect of contracts of insurance entered into by the Authority in terms of section 40; |
| (e) | the expenses incurred in the management, control and administration of the Fund by the Authority, or if the management and administration of the Fund has been outsourced to a portfolio management company or financial institution as contemplated in section 36(2), by that institution, as the case may be, in accordance with the terms and conditions approved by the Minister; |
| (f) | grants as contemplated in section 39; and |
| (g) | any other monies which may be paid out of the Fund in accordance with this Act. |
| (2) | The Minister may, in consultation with the Board, by notice in the Gazette limit the amount which may be paid from the Fund in respect of any category of claims. |
| (3) | Any monies in the Fund not immediately required for the purposes of the Fund must, on the terms and conditions approved by the Minister, be invested with or in an institution approved by the National Treasury. |