38.—(1) There shall be established for every licensing area a fund to be known as the compensation fund of the licensing area.
(2) The principal officer of the Department of Justice or such other officer of the Minister as the Minister shall from time to time direct shall be the treasurer of every compensation fund established under this section and in this Part of this Act the expression “the treasurer” means the said officer who is for the time being such treasurer.
(3) The Minister may, with the consent of the Minister for Finance, make rules for the management of compensation funds established under this Act and for the keeping and audit of the accounts of such funds.
