Clause 5

A fund called the SAF Fund is established comprising —

all SAF levies paid to the Authority;

all interest and penalties (including additional penalties) imposed under section 87B or an order made under that section;

all contributions by the Authority to the SAF Fund;

all gifts and donations made by any person for the purposes of the SAF Fund; and

all investments out of moneys in the SAF Fund authorised to be made by this Act and the proceeds of any such investment, including the net income from such investments.(2) The SAF Fund is to be managed and administered by the Authority.(3) For the purposes of subsection (1)(e), the net income from investments is the amount ascertained by adding to, or deducting from, the income received from investments of moneys in the SAF Fund, any profit derived or loss sustained (as the case may be) from the realisation of such investments.(4) Upon dissolution of the SAF Fund, the balance then remaining in the SAF Fund —

must be transferred by the Authority to one or more bank accounts maintained by the Authority under section 16(3); and

is to be treated as the moneys of the Authority.Purposes of SAF Fund25D.—

The moneys in the SAF Fund may be withdrawn by the Authority only for the following purposes:

the procurement by the Authority or the SAF Procuring Entity of SAF and SAF environmental attributes from suppliers of SAF;

to pay all reasonable legal costs and all reasonable expenses incurred or estimated to be incurred in connection with the collection or attempted collection of any SAF levy, including interest and penalties on any SAF levy;

to pay all reasonable costs and all reasonable expenses incurred or estimated to be incurred by the Authority or the SAF Procuring Entity in connection with the procurement, management, accounting or allocation of SAF and SAF environmental attributes to persons mentioned in section 7(1)(gb)(i) and (ii);

to pay all reasonable costs and all reasonable expenses incurred by the Authority in connection with the management of the SAF Procuring Entity;

to pay any expenses properly attributable to the setting up of, and the administration and management of moneys in, the SAF Fund;

to invest in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965.(2) However, no investment paid for with moneys from the SAF Fund may be written off by the Authority without the prior approval of the Minister.(3) If any withdrawal under subsection (1)(b) or (c) based on an estimation exceeds the actual cost or expense incurred, the Authority must refund that excess amount to the SAF Fund.”.