Where any judgment has been given under this section (whether before or after the commencement of the Trustee Companies Management Amendment Act 1987), the Board shall so far as practicable settle a list of beneficiaries entitled to participate to the extent of $100 or more in the amount recovered under the judgment and their respective amounts.

For the purpose of settling a list of beneficiaries so entitled, the Board may, if it thinks fit, advertise for claims by beneficiaries; and in any such case the Board shall not be required to include in the list any beneficiary who has not lodged a claim with the Board within such period after the date of the last publication of the advertisement as shall be fixed by the Court unless the Board has funds recovered under the judgment that are available for distribution to beneficiaries and is satisfied that there is reasonable excuse for the failure to lodge a claim within that period.

If the amounts of the entitlements of beneficiaries exceed the amount recovered under the judgment, those amounts shall reduce rateably.

The Board shall not advertise for claims under subsection (7a) of this section unless the Court has approved the form and content of the advertisements, the manner of advertising, and the dates of publication.

The Board shall not be required to calculate the exact amount of the entitlement of a beneficiary under this section but may calculate the amount of the entitlement as near to the exact amount as the Board considers reasonable having regard to the amount of the claim and the costs involved in its calculation.”

If any balance of the amount payable under the judgment remains undistributed, that balance shall be paid or applied for charitable purposes in accordance with a scheme prepared by the Board and approved by the Court.”