Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) This regulation applies to a friendly society whose approved benefit fund rules provide that the society may apply the assets of an approved benefit fund, or mortgage or charge those assets.
(2) The friendly society may apply the assets of an approved benefit fund, or mortgage or charge those assets, if the application, mortgage or charge is made for the advantage of the approved benefit fund, in accordance with the approved benefit fund rules.
(3) Subregulation (2) does not apply to a charge over, or in relation to, an asset of an approved benefit fund that satisfies the requirements of subregulation 4.00A (1).