Commonwealth Consolidated Acts Commonwealth Consolidated ActsThe 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.