(1) There shall stand established on the day that falls one month after the date of the passing of this Act a fund to be known as the Insurance Compensation Fund.

(2) The Fund shall, subject to the provisions of this Act, be maintained and administered under the control of the Bank.

(3) Subject to subsection (9), the Bank may borrow for the Fund and, for the purpose of giving security with respect to such borrowing, may charge investments of the Fund.

(3A) Subject to subsection (9), the Bank may, for the purpose of giving security with respect to any borrowings for the Fund -

(a) charge the Fund and payments into the Fund, and

(b) determine, and give undertakings in relation to, the order in which payments out of the Fund shall be made to specified creditors of the Fund and specified other persons entitled to such payments and determine, and give undertakings in relation to, the amounts of such payments, and

(c) determine, and give undertakings in relation to, the order in which payments out of specified future income of the Fund shall be made to specified creditors of the Fund and specified other persons entitled to such payments.