Property Services (Regulation) Act 2011

SCHEDULE 6

Provisions Applicable to Administration of Property Services Compensation Fund

1. The Authority is deemed to hold on trust all moneys paid to the Fund and shall open and maintain a separate account for such moneys.

2. The Authority may invest moneys of the Fund in securities in which trustees are authorised by law to invest trust funds.

3. The Authority may, with the approval of the Minister, given with the consent of the Minister for Public Expenditure and Reform and the Minister for Finance, borrow for the Fund and, for the purpose of giving security in respect of such borrowing, may charge investments of the Fund.

4. The Authority may insure against any risk relating to the Fund.

5. The following shall be paid into the Fund—

( a) all appropriate contributions,

( b) all interest, dividends and other income and accretions of capital arising from the investment of the Fund or any part of it,

( c) the proceeds of any realisation of any investments of the Fund,

( d) all moneys borrowed for the purposes of the Fund,

( e) all moneys received by the Authority under any insurance effected by the Authority under paragraph 4, and

( f) any other moneys which may belong to or accrue to the Fund or be received by the Authority in respect of it (including any moneys payable by virtue of the imposition of a major sanction on a licensee which falls within paragraph (c) of the definition of “major sanction” in section 2(1) ).

6. The following shall be paid out of the Fund—

( a) costs, charges and expenses incurred in maintaining, protecting, administering and applying the Fund,

( b) premiums on any insurance effected by the Authority under paragraph 4,

( c) repayments of moneys borrowed by the Authority for the Fund and payments of interest on such moneys,

( d) payments of any grants,

( e) costs, charges and expenses incurred by the Authority under Part 9 or under this Schedule,

( f) costs, charges and expenses incurred by the Authority in enforcing compliance with the regulations made under section 95 prescribing contributions to the Fund and ascertaining whether those regulations have been complied with, and

( g) other sums properly payable out of the Fund.

7. The Authority shall keep all proper and usual accounts of all moneys paid into the Fund and disbursements from the Fund, including—

( a) an income and expenditure account,

( b) a cash-flow statement, and

( c) a balance sheet.

8. As soon as may be after the end of each financial year of the Authority, the Authority shall submit—

( a) the accounts of the Fund to the Comptroller and Auditor General for audit, and

( b) a copy of an abstract of the accounts as so audited together with a copy of the report of the Comptroller and Auditor General thereon to the Minister.

9. The Minister shall cause copies of the 2 documents referred to in paragraph 8(b) to be laid before each House of the Oireachtas as soon as may be after the documents are submitted to him or her by the Authority.