New South Wales Consolidated Acts

PHARMACY PRACTICE ACT 2006 - SECT 26

26 Exemption for friendly societies

(1) Section 25 does not prevent a friendly society from owning or otherwise having a pecuniary interest in a pharmacy business in accordance with a written approval given by the Minister.

(2) Such an approval must not be given unless the Minister is satisfied that:

(a) the net profits arising from the operation of the pharmacy business will be applied solely to the provision of benefits (other than benefits in the form of dividends or shares) to members of the friendly society, and

(b) the operation of the pharmacy business is justified in the interests of members of the friendly society or of members of the public, or both.

(3) The Minister may give such an approval unconditionally or subject to conditions, and may at any time vary or revoke such an approval.

(4) The Minister must revoke such an approval given to a friendly society if the Minister is satisfied that the net profits arising from the operation of the pharmacy business will no longer be applied solely to the provision of benefits to members of the friendly society in accordance with subsection (2) (a).

(5) Section 25 does not prevent a friendly or other society that was, immediately before the repeal of section 27A (1) of the Pharmacy Act 1964 , lawfully carrying on a pharmacy business under that provision, from owning or otherwise having a pecuniary interest in a pharmacy business.

(6) An approval granted to a friendly or other society under section 27A (2) of the Pharmacy Act 1964 and in force immediately before the repeal of that Act is taken to be an approval granted to the friendly society or other society (as if it were a friendly society), and in force, under subsection (1).

(7) Subsection (4) does not apply in relation to a society referred to in subsection (6) that, immediately before the repeal of section 27A of the Pharmacy Act 1964 , no longer satisfied the criteria referred to in section 27A (3) (a) of that Act.

(8) A friendly or other society to which subsection (1), (5) or (6) applies must not own or otherwise have a pecuniary interest in more than 6 pharmacy businesses.

Maximum penalty: 100 penalty units.

(9) A pharmacy business and an associated professional services room are counted as one pharmacy business for the purposes of subsection (8).