New South Wales Consolidated Acts

FUNERAL FUNDS ACT 1979 - SECT 39B

39B Registration of previously exempt person to act as trustee of funds under pre-paid contracts

(1) On receipt of an application for registration from a person under section 39A, the Director-General may:

(a) register the person to act as trustee of trust funds under a pre-paid contract, or

(b) register the person to act as trustee of trust funds under a pre-paid contract, subject to conditions, or

(c) refuse to register the person.

(2) The Director-General may waive the whole or any part of a fee to be taken in the office of the Director-General for registration of such a person.

(3) The Director-General may register a person to act as trustee of trust funds under a pre-paid contract even if the Director-General is satisfied of the matters referred to in section 37 (2) (a) or (b) if the Director-General is satisfied that registration of the person subject to conditions would protect persons on whose behalf that person would hold trust funds.

(4) Without limiting the conditions that may be imposed under subsection (1) on a registration, the conditions may include the following:

(a) a requirement that the trustee comply with specified reporting provisions, for example, by notifying the Director-General of any change in financial status and particulars of where trust funds are held,

(b) a requirement that the trustee must not accept any new trust funds after registration.

(5) The Director-General may exempt a person registered under this section from complying with such of the provisions of this Act or the regulations as the Director-General considers appropriate having regard to all of the circumstances in which the person acts as trustee of trust funds under a pre-paid contract.

(6) If the Director-General refuses, under this section, to register a person to act as trustee of trust funds under a pre-paid contract, the person must, within the period directed by the Director-General, transfer any trust funds held by the person to a pre-paid funeral fund.