Commonwealth Consolidated Acts

LIFE INSURANCE ACT 1995 - SECT 16ZA

                   An assignment of an interest in a benefit fund that is, because of section 16F, taken to be a policy is taken to satisfy the requirements of subsection 200(2) if the following requirements have been satisfied:

                     (a)  the assignment must be by memorandum of transfer in accordance with, or substantially in accordance with, the form set out in the relevant benefit fund rules;

                     (b)  the memorandum must be signed by the transferor and the transferee;

                     (c)  the transferor must give 2 copies of the signed memorandum to the friendly society concerned;

                     (d)  the assignment must be registered in a register of assignments kept by the friendly society concerned;

                     (e)  the date of registration must be inserted in the memorandum;

                      (f)  the memorandum must be signed by an officer of the friendly society concerned who is authorised to do so by the friendly society.