Cap. 296 Art. 53Insurance fund.

(1) There shall be an insurance fund to meet claims for indemnity payable under this Act.

(2) There shall be set aside and paid into the said fund at the end of each financial year such portion of the receipts from the fees taken in the registry under this Act as the Minister responsible for finance may by order determine.

(3) The insurance fund shall be invested in such names and manner as the said Minister may from time to time direct.

(4) If the insurance fund is at any time insufficient to pay indemnity for any loss chargeable thereon, the deficiency shall, by virtue of this Act and without further assurance, be charged on and paid out of the Consolidated Fund; but any sum so paid out of the Consolidated Fund shall be repaid out of the money subsequently standing to the credit of the insurance fund.

(5) Accounts of the fund shall be kept and be audited as public accounts, in accordance with such regulations as the Minister responsible for finance may from time to time make.