New South Wales Consolidated Acts

FUNERAL FUNDS ACT 1979 - SECT 43

43 Pre-paid funeral funds, trust accounts

(1) A pre-paid funeral fund shall open and maintain with one or more authorised deposit-taking institutions one or more current or deposit accounts designated as a trust account or, as the case may be, trust accounts.

(2) A pre-paid funeral fund shall:

(a) forthwith after receiving any money under a pre-paid contract, pay that money into the trust account or one of the trust accounts referred to in subsection (1), and

(b) keep any of the money held by the fund under pre-paid contracts and not invested under section 44 in that account or one of those accounts.

(3) Any valuable consideration (other than money) given to a pre-paid funeral fund under a pre-paid contract shall be deemed to be held upon trust for sale and, upon its sale, the fund shall pay the proceeds thereof into the trust account or one of the trust accounts referred to in subsection (1).

Maximum penalty: 10 penalty units.