New South Wales Consolidated Acts

FUNERAL FUNDS ACT 1979 - SECT 28

28 Actuarial investigation of funeral contribution funds

(1) A funeral contribution fund shall:

(a) at least once in each period of 3 years or such other period as may be prescribed, and

(b) where the Director-General by notice served on the fund so directs, within the time specified in the notice,

cause an actuary to make an investigation of the financial position of the fund, including a valuation of its liabilities, and to furnish it with a report of the results of the investigation.

(2) The Director-General may waive the requirement for an investigation of a funeral contribution fund to be made under subsection (1) if the Director-General is satisfied that, in all the circumstances, it would be unduly onerous or otherwise unwarranted to require the investigation.

(3) A funeral contribution fund must:

(a) within 3 months after an investigation is made under subsection (1), lodge with the Director-General an abstract, prepared in the manner prescribed by the regulations and containing the particulars prescribed by the regulations, of the report by the actuary of the results of that investigation, and

(b) if requested by notice in writing given by the Director-General, lodge with the Director-General (by the date specified in the notice) a copy of the report by the actuary of the results of the investigation.

Maximum penalty: 10 penalty units.