Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations
1 style='page-break-after:auto'>1 Section 15
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2 Paragraph 30 (f)
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(f) surpluses in an approved benefit fund may only be distributed in accordance with section 56.
3 Subsection 35 (1)
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4 Subsection 35 (2)
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A policy document
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Approved benefit fund rules
5 Subsections 35 (3), (4) and (5)
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6 Paragraph 36 (b)
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7 Paragraph 38 (2) (c)
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Division 6
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Division 5
8 Subsection 38 (7)
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or 6.
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or 5.
9 Subsection 45 (1)
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or 6.
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or 5.
10 Part 4, Divisions 5 and 6
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Division 5 Distribution of surplus in approved benefit fund
56 Distribution of surplus
(1) If the appointed actuary of a friendly society advises the society, in writing, that there is a surplus in an approved benefit fund of the society, the society may, if the rules of the approved benefit fund so provide, do 1 or more of the following:
(a) pay, apply or allocate all or part of the surplus to the members of the approved benefit fund;
(b) transfer all or part of the surplus to another approved benefit fund of the society;
(c) transfer all or part of the surplus to the management fund of the society.
(2) If the surplus includes an asset other than money, the value of the asset is the fair value of the asset determined in accordance with subsection 45 (3).
(3) A distribution under subsection (1) must comply with any applicable prudential standard.
14 Sections 75 and 76
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75 Financial records -- friendly societies
A friendly society must keep such records of the income and outgoings of the management fund and each approved benefit fund of the society as will record properly the affairs and transactions of the society in respect of each fund.
15 Section 81
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If a life company
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(1) If a friendly society
16 Section 81
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(2) However, unless Prudential Rules otherwise require, subsection (1) does not apply to the treatment of an asset of the management fund of the friendly society.
17 Paragraph 82 (5) (c)
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(c) be given to APRA:
(i) for financial statements prepared for subsection (1) -- within the period required by subsection 118 (3); and
(ii) in any other case -- within 3 months after the time as at which they are prepared.
22 Subsection 134 (4)
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(4) A direction to a friendly society ceases to have effect if:
(a) an order is made for the winding‑up of the society; or
(b) a special resolution is passed for the voluntary winding‑up of the society under subsection 180 (2), and APRA:
(i) is notified of the special resolution; and
(ii) gives written permission to the society for the direction to cease to have effect.
23 Subsection 150 (9)
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(9) A direction to a friendly society ceases to have effect if:
(a) an order is made for the winding‑up of the society; or
(b) a special resolution is passed for the voluntary winding‑up of the society under subsection 180 (2), and APRA:
(i) is notified of the special resolution; and
(ii) gives written permission to the society for the direction to cease to have effect.
24 Subsection 198 (1)
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or policy document
25 Paragraph 201 (1) (b)
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or endorsed on the policy
26 Subsection 213 (2)
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the company may register the applicant as the owner of the policy, provided that the approved benefit fund rules allow for registration in the circumstances mentioned in paragraph 213 (1) (a) and that the requirements of the rules are followed.
27 Subsection 213 (3)
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The company may endorse the policy
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However, the company may register the applicant
28 Part 10, Division 7
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29 Subsection 226 (1)
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(1) A friendly society must keep a register of members for each approved benefit fund of the society.
(1A) The register must include:
(a) the name and address of each member of the approved benefit fund; and
(b) the date of each member's admission to membership; and
(c) for each membership terminated -- the date and circumstances of the termination.
(1B) The register must be kept in parts so that the information for a member living in a particular State or Territory is kept in a part of the register for that State or Territory.
(1C) A society that, immediately before the transfer date, did not keep its register in parts as described in subsection (1B) must comply with that subsection:
(a) within 18 months starting on the transfer date; or
(b) a longer period that APRA, in writing, allows.
30 Section 227
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31 Subsection 229 (2)
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32 Section 242
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33 Schedule -- Dictionary, after definition of friendly society
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"health benefits fund" , for a friendly society, means a health benefits fund conducted by a society that is a registered health benefits organisation under the National Health Act 1953 .
Note Income from the health insurance business of a registered health benefits organisation is to be credited to its health benefits fund: see s 68 of the National Health Act 1953 .
34 Schedule -- Dictionary, after definition of life policy
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"management fund" , for a friendly society, means the fund of the society that consists of the assets and liabilities of the society that do not form part of an approved benefit fund, or of a health benefits fund (if any), of the society.
35 Schedule -- Dictionary, after definition of spouse
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"SSA" has the meaning given by item 1 of Schedule 8 to the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 .
36 Schedule -- Dictionary, after definition of trade union
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"transfer date" has the meaning given by the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 .