Document ID: chunk:federal_register_of_legislation:C2025C00116:section:96
Version: federal_register_of_legislation:C2025C00116
Segment Type: section
Provision Reference: s 96
Character Range: 177229–177910

96  The Fund
  The Minister may, by notice published in the Gazette, approve a trading corporation to be the Fund for the purposes of this Act if the Minister thinks that the following conditions are satisfied in relation to the trading corporation:
 (a) its participants represent not less than 80% of the seafarer berths on all prescribed ships;
 (b) it has the management and resources to:
 (i) quickly process and determine claims for compensation under this Act; and
 (ii) develop and manage rehabilitation plans under this Act;
 (c) subject to section 97, it has access to sufficient funds to enable the prompt settlement of all liabilities that might arise under this Act.