New South Wales Consolidated Acts

FUNERAL FUNDS ACT 1979 - SECT 13

13 Requirements for registration

(1) A company is not entitled to be registered to carry on contributory funeral benefit business unless, under the rules of the company:

(a) the company does not carry on pre-paid funeral benefit business,

(b) the income of the company derived from contributory funeral benefit business is to be applied only for the provision of funeral benefits to contributors and to meet the management expenses of the company in carrying on contributory funeral benefit business,

(c) the contributors to the company are prohibited from being members of the company,

(d) the company is required to have not less than 3 directors,

(e) the name of the company is not a name, or a name of a kind, that the Minister has directed the Director-General not to accept for registration,

(f) the company is required to appoint an auditor and the person so appointed is required to be a person who may, under the Corporations Act 2001 of the Commonwealth, be appointed as the auditor of a company,

(h) the company will be able to comply with such of the provisions of this Act as would be applicable to it, and

(i) provision is made for such other matters as may be prescribed.

(2) The Minister shall cause a direction given by the Minister under subsection (1) (e) to be published in the Gazette.

(3) The Director-General may prepare and publish in such manner as the Director-General thinks fit a model set of rules for a funeral contribution fund.