New South Wales Consolidated Acts

FUNERAL FUNDS ACT 1979 - SECT 16

16 Cancellation of registration of funeral contribution fund

(1) The Director-General may, by notice in writing served on a funeral contribution fund, cancel the fund’s registration if:

(a) the fund has not commenced to carry on contributory funeral benefit business in New South Wales within 6 months after its registration, or

(b) the fund is commenced to be wound up or is under official management, or

(c) the fund has entered into a compromise or scheme of arrangement with its creditors, or

(d) a receiver and manager has been appointed, whether by the Supreme Court or otherwise, in respect of the property of the fund, or

(e) the fund or any person involved in the management of the fund is convicted of an offence involving fraud or dishonesty or fails to comply with a provision of this Act or the regulations, or

(f) at the request of the fund, or

(g) any other ground prescribed by the regulations is established.

(2) The cancellation of the registration of a funeral contribution fund under subsection (1) (paragraph (f) excepted) takes effect on the expiration of 28 days after the notice of the cancellation is served on the fund by the Director-General or, if an appeal is lodged against the cancellation under Part 6, on confirmation of the cancellation or the withdrawal of the appeal.

(3) Where the whole of the contributory funeral benefit business of a funeral contribution fund is transferred to, or amalgamated with, the contributory funeral benefit business of any other funeral contribution fund or of a person exempt from the application of section 11, the registration of the firstmentioned fund shall be deemed to be cancelled.

(4) Where the registration of a funeral contribution fund is cancelled, or deemed to be cancelled, under this section, the Director-General shall notify the Australian Securities and Investments Commission accordingly.