59A   Treasury Fire Risks Account

(1)  Funds in credit in the Treasury Fire Risks Account in the Special Deposits Account may be utilised from time to time by the Treasurer, at the discretion of the Treasurer, for the purpose of:

(a)  whole or partial payment for, replacement of, or repair to, Government property lost or damaged by fire or lightning, or by both,

(b)  defraying the expenses incidental to the assessment of loss or damage referred to in paragraph (a), or

(c)  providing security devices for the prevention or detection of fires in any building or part of a building owned or leased by the Crown.

(2)  Interest at a rate to be determined from time to time by the Treasurer shall be allowed on funds in credit in the Treasury Fire Risks Account.

(3)  Any portion of funds in credit in the Treasury Fire Risks Account may be invested in accordance with section 20.

(4)  Interest allowed on funds in credit in the Treasury Fire Risks Account, together with interest earned on any investments therefrom, shall from time to time be paid to the credit of that Account and to the credit of the Consolidated Fund in such proportions as the Treasurer may determine.

(5)  Nothing in this section shall be deemed to constitute insurance within the meaning of any clause, condition or stipulation of any policy of insurance.

(6)  All or any funds in credit in the Treasury Fire Risks Account (including investments) may be transferred by the Treasurer, at the discretion of the Treasurer, to the Managed Fund for Public Sector Insurances to add to that Fund’s solvency reserve.