New South Wales Consolidated Acts

FUNERAL FUNDS ACT 1979 - SECT 32

32 Schemes for transfer or amalgamation

(1) For the purposes of section 31 (a), a scheme shall set out the terms of the agreement or deed under which it is proposed to effect the transfer or amalgamation and shall contain such further provisions as are necessary for giving effect to the scheme.

(2) An application for confirmation by the Director-General of any scheme for transfer or amalgamation may be made by or on behalf of any funeral contribution fund concerned.

(3) The Director-General may require any funeral contribution fund that has applied for the confirmation of a scheme for transfer or amalgamation to:

(a) lodge with the Director-General copies of any actuarial or other reports upon which the scheme was founded,

(b) give notice of the application in such manner, at such times and in such newspapers as the Director-General may direct,

(c) send to each contributor affected by the scheme:

(i) a copy of the scheme or a summary of the scheme, and

(ii) a report thereon approved by the Director-General, or

(d) lodge with the Director-General a report on:

(i) the interest of the directors or other officers of the funeral contribution funds concerned in the transfer or amalgamation, and

(ii) the compensation or other consideration proposed to be paid to those directors or officers,

or to do any combination of those things.

(4) The Director-General may cause a report on any scheme to be made by an actuary and, if the Director-General does so, shall cause a copy to be sent to each of the funeral contribution funds concerned.

(5) Where an application has been made for confirmation of a scheme under this section and the requirements (if any) of the Director-General under subsection (3) in relation to the scheme have been complied with, the Director-General may, after hearing any person whom the Director-General may consider likely to be affected by the scheme, confirm the scheme, either without modification, or subject to such modifications as the funeral contribution funds concerned agree to, or may, with the approval of the Minister, refuse to confirm the scheme.

(6) Where the Director-General refuses to confirm a scheme for transfer or amalgamation under subsection (5), the Director-General shall serve notice of that refusal on the funeral contribution fund that applied for that confirmation.

(7) A scheme does not have any force or effect until confirmed by the Director-General and, when confirmed, shall:

(a) be binding on the funeral contribution funds concerned and the contributors to those funds, and

(b) have effect notwithstanding anything in the rules of those funds.