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PARLIAMENT OF VICTORIA
Friendly Societies (Victoria) (Amendment) Act 1997
Act No.
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 1
1. Purposes 1
2. Commencement 2
3. Definition 2
PART 2--AMENDMENT OF FRIENDLY SOCIETIES
(VICTORIA) CODE 3
4. Definition of friendly societies legislation 3
5. Health benefit fund rules 3
6. Members 3
7. Members who are minors 3
8. Name 3
9. Abbreviations of society's name 4
10. Publication of name 4
11. Provision of benefits 5
12. Approval to establish benefit fund 5
13. Transfer of an asset between funds 5
14. Distribution of surplus in benefit fund 7
15. Section 135 substituted 7
135. Disclosure document to be lodged 7
16. Form of disclosure document 8
17. Content of disclosure document 8
18. Exemptions and modifications 8
19. New section 196A inserted 9
Subdivision 3A--Exemptions and modifications relating to
representatives 9
196A. Exemptions and modifications under Subdivision 3 9
20. Vacation of office 10
21. Voting 11
22. Appointment of actuaries 11
23. Actuarial investigations 12
24. Mergers and transfers of engagements involving foreign societies 12
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Clause Page
Division 3--Mergers and transfers of engagements involving
foreign societies 12
376. Definitions in Division 3 12
377. Proposal for merger or transfer of engagements 13
378. SSA may register merged society 16
379. Certificate of confirmation for total transfer 18
380. Certificate of confirmation for partial transfer 19
381. When transfer of engagements takes effect 20
382. Effect of merger 21
383. Effect of transfer of engagements 21
384. Surrender of certificate of incorporation 23
25. Definitions in Part 11 23
26. Registration of foreign societies 23
27. Agents of foreign societies 24
28. Repeal of section 429 25
29. Service on agent 25
30. SSA to be notified of certain changes 25
433. SSA to be notified of certain changes 25
31. Balance sheets 26
32. SSA to provide certain documents 26
33. Transitional provisions for benefit funds 26
34. Transitional provision for accounts 26
489A. Accounts 26
35. Transitional provision for Part 4B 27
492. Operation of Part 4B 27
PART 3--AMENDMENT OF FRIENDLY SOCIETIES
(VICTORIA) ACT 1996 28
36. New section 21A inserted 28
21A. Indictable offences 28
PART 4--AMENDMENT OF FINANCIAL INSTITUTIONS
(VICTORIA) ACT 1992 29
37. New definition inserted 29
38. New section 54A inserted 29
54A. Indictable offences 29
PART 5--MINOR AND CONSEQUENTIAL AMENDMENTS 30
39. Statute law revision 30
40. Consequential amendments 31
__________________
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Clause Page
SCHEDULE 1--Consequential amendments 32
NOTES 35
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PARLIAMENT OF VICTORIA
A BILL
to amend the Friendly Societies (Victoria) Act 1996 and the
Financial Institutions (Victoria) Act 1992 and for other purposes.
Friendly Societies (Victoria)
(Amendment) Act 1997
The Parliament of Victoria enacts as follows:
PART 1--PRELIMINARY
1. Purposes
The purposes of this Act are--
(a) to make miscellaneous amendments to the
5 Friendly Societies (Victoria) Act 1996; and
(b) to make consequential amendments to other
Acts.
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2. Commencement
This Act comes into operation on the day on
which it receives the Royal Assent.
3. Definition
5 In this Act, "Code" means the Friendly Societies
Code set out in Schedule 1 to the Friendly
Societies (Victoria) Act 1996.
_______________
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PART 2--AMENDMENT OF FRIENDLY SOCIETIES
(VICTORIA) CODE
4. Definition of friendly societies legislation
In section 3 of the Code, in the definition of
5 "friendly societies legislation", after paragraph (b)
insert--
"and
(c) the financial institutions legislation within
the meaning of the AFIC Code so far as it
10 applies or is otherwise relevant to the
legislation mentioned in paragraph (a) or
(b).".
5. Health benefit fund rules
(1) In section 77 of the Code, for "For the purposes of
15 this Code, except provisions applying to the
making or amendment of rules, the" substitute
"(1) The".
(2) At the end of section 77 of the Code insert--
"(2) Except as provided in section 78, this Code
20 does not apply to the rules referred to in sub-
section (1).".
6. Members
In section 80(1) of the Code, at the end of each of
paragraphs (a), (b) and (c), insert "or".
25 7. Members who are minors
In section 81(3) of the Code, omit "is at least 10
but".
8. Name
In section 87 of the Code--
30 (a) sub-sections (5), (6), (7) and (10) are
repealed;
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(b) in sub-section (8), for paragraph (b)
substitute--
"(b) a name approved for its use under Part
6A of the AFIC Code.";
5 (c) in sub-section (11), omit "or (10)".
9. Abbreviations of society's name
In section 88(2)(b) of the Code, for "section
87(5)" substitute "Part 6A of the AFIC Code".
10. Publication of name
10 (1) In section 92(1) of the Code, for "(within the
meaning of section 88A of the Corporations
Law)" substitute "(within the meaning of sub-
section (7))".
(2) In section 92 of the Code, for sub-section (2)
15 substitute--
"(2) A society must ensure that its registered
name or a name approved in relation to the
society under Part 6A of the AFIC Code is
used on any advertisement published, or
20 authorised to be published, by the society.".
(3) In section 92(6) of the Code, for "section 87(5)"
substitute "Part 6A of the AFIC Code".
(4) In section 92 of the Code, after sub-section (6)
insert--
25 '(7) For the purpose of sub-section (1), "public
document" means--
(a) an instrument of, or purporting to be
signed, issued or published by or on
behalf of, the society that--
30 (i) when signed, issued or published,
is intended to be lodged or is
required by or under this Code to
be lodged; or
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(ii) is signed, issued or published
under or for the purposes of this
Code or any other law of the
Commonwealth or of a State; or
5 (b) an instrument of, or purporting to be
signed or issued by or on behalf of, the
society that is signed or issued in the
course of, or for the purposes of, a
particular transaction or dealing; or
10 (c) without limiting paragraph (a) or (b), a
business letter, statement of account,
invoice, receipt, order for goods or
services, or official notice of, or
purporting to be signed or issued by or
15 on behalf of, the society.'.
11. Provision of benefits
In section 96 of the Code, for sub-section (2)
substitute--
"(2) Sub-section (1) does not apply to amounts
20 payable by a society--
(a) in respect of shares in the society; or
(b) as trustee for a superannuation entity
within the meaning of the
Superannuation Industry (Supervision)
25 Act 1993 (Commonwealth).".
12. Approval to establish benefit fund
In section 98(4) of the Code, for paragraph (c)
substitute--
"(c) there is no good reason why the proposed
30 rules should not be registered--".
13. Transfer of an asset between funds
(1) In section 107 of the Code, for sub-section (1)
substitute--
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"(1) A society must not, except in accordance
with sub-section (2), transfer an asset--
(a) from one benefit fund of the society to
another benefit fund of the society; or
5 (b) from a benefit fund of the society to the
management fund of the society.".
(2) In section 107 of the Code, for sub-section (2)
substitute--
'(2) A society may transfer an asset from a
10 benefit fund (the "transferor fund") to
another benefit fund or the management fund
(the "transferee fund") if--
(a) the society transfers from the transferee
fund to the transferor fund an amount
15 equal to the fair value of the asset
determined in accordance with section
109; and
(b) in the case of a transfer referred to in
sub-section(1)(a), the transfer is fair
20 and reasonable in all the circumstances
for the members of the transferor fund
and the transferee fund;
(c) in the case of a transfer referred to in
sub-section (1)(b), the transfer is fair
25 and reasonable in all the circumstances
for the members of the society.'.
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(3) In section 107(3) of the Code, after paragraph (c)
insert--
"; or
(d) any application of assets of a benefit fund
5 permitted by this Code or the standards.".
14. Distribution of surplus in benefit fund
In section 108(1)(c) of the Code, before "may"
insert "if the rules of the society so provide,".
15. Section 135 substituted
10 For section 135 of the Code substitute--
"135. Disclosure document to be lodged
(1) A person must not issue, or cause to be
issued, an invitation to contribute, or accept
a contribution, to a benefit fund of a society
15 unless a disclosure document relating to that
benefit fund and that complies with this
Division has been lodged with the SSA
within the last preceding 12 months.
(2) A person must not issue, or cause to be
20 issued, an invitation to contribute, or accept
a contribution, to a benefit fund of a foreign
society unless a disclosure document relating
to that benefit fund and that complies with
the corresponding Division to this Division
25 in the friendly societies legislation of the
participating State in which the foreign
society is incorporated has been lodged,
within the last preceding 12 months, with the
SSA of that participating State.
30 Penalty applying to this section: $20 000 or
imprisonment for 5 years or both.".
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16. Form of disclosure document
After section 137(1)(e) of the Code insert--
"(f) must comply with any requirements of the
standards applicable to disclosure
5 documents.".
17. Content of disclosure document
In section 140(2) of the Code, in paragraphs (d)
and (e) omit "or application form".
18. Exemptions and modifications
10 (1) In section 158(1) of the Code--
(a) after "may," insert "subject to and in
accordance with the standards,";
(b) in paragraph (a), omit "and";
(c) paragraph (b) is repealed.
15 (2) In section 158 of the Code, for sub-section (5)
substitute--
"(5) The SSA may, subject to and in accordance
with the standards, by writing, declare that
this Division has effect in its application to a
20 particular person or persons, or a particular
class of persons, either generally or as
otherwise provided in the declaration as if a
specific provision or provisions of this
Division were omitted, modified or varied in
25 a manner specified in the declaration, and,
where such a declaration is made, this
Division has effect accordingly.".
(3) In section 158 of the Code, for sub-section (7)
substitute--
30 "(7) The SSA must cause to be published in the
Gazette a statement to the effect that an
exemption has been granted or a declaration
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made under this section in relation to a
particular class of persons or a particular
class of benefit funds.".
19. New section 196A inserted
5 After section 196 of the Code insert--
"Subdivision 3A--Exemptions and
modifications relating to representatives
196A. Exemptions and modifications under
Subdivision 3
10 (1) The SSA may, subject to and in accordance
with the standards, by writing, exempt a
particular person or persons, or a particular
class of persons, either generally or as
otherwise provided in the exemption, and
15 either unconditionally or subject to
conditions (if any) as are specified in the
exemption, from compliance with all or any
of the provisions of Subdivision 3.
(2) Without limiting the generality of sub-
20 section (1), an exemption under that sub-
section may relate to particular benefits or to
a particular class of benefits.
(3) A person must not contravene a condition to
which an exemption under sub-section (1) is
25 subject.
(4) Where a person has contravened a condition
to which an exemption under sub-section (1)
is subject, the Court may, on the application
of the SSA, order the person to comply with
30 the condition.
(5) The SSA may, subject to and in accordance
with the standards, by writing, declare that
Subdivision 3 has effect in its application to
a particular person or persons, or a particular
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class of persons, either generally or as
otherwise provided in the declaration as if a
specific provision or provisions of that
Subdivision were omitted, modified or
5 varied in a manner specified in the
declaration, and, where such a declaration is
made, that Subdivision has effect
accordingly.
(6) Without limiting the generality of sub-
10 section (5), a declaration under that sub-
section may relate to particular benefits or to
a particular class of benefits.
(7) The SSA must cause to be published in the
Gazette a statement to the effect that an
15 exemption has been granted or a declaration
made under this Subdivision in relation to a
particular class of persons or a particular
class of benefit funds.".
20. Vacation of office
20 (1) In section 290(2) of the Code, omit "for the
remainder of the term of the office".
(2) In section 290 of the Code, after sub-section (2)
insert--
"(2A) The term of office of a director appointed to
25 fill a casual vacancy ends as provided by the
society's rules either--
(a) immediately before the election of
directors at the next annual general
meeting of the society after the
30 appointment; or
(b) at the end of that annual general
meeting.".
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21. Voting
(1) In section 305(2)(e) of the Code omit "in the case
of a person who is a member by reason only of
holding a share in the society,".
5 (2) In section 305(3)(b) of the Code, after "the
member" insert "(but in any case not more votes
than the number of permanent shares held by the
member)".
(3) In section 305 of the Code, for sub-section (4)
10 substitute--
"(4) The SSA must not register rules referred to
in sub-section (2) unless it approves--
(a) in the case of sub-sections (2)(b) and
(2)(c), the minimum period or the
15 minimum interest in a benefit fund (as
the case requires); or
(b) in the case of sub-section (2)(d), the
terms and conditions for provision of
benefits; or
20 (c) in the case of sub-section 2(e), the
minimum amount of paid-up share
capital.".
22. Appointment of actuaries
(1) In section 352(4) of the Code, before paragraph
25 (a) insert--
"(aa) is ordinarily resident in this State; and".
(2) In section 352 of the Code, after sub-section (5)
insert--
"(6) The SSA, after consultation with AFIC, may
30 exempt a person from the requirement
referred to in sub-section (4)(aa).".
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23. Actuarial investigations
(1) In section 358(1)(a) of the Code, for "investigate
the financial condition of the society" substitute
"conduct a financial investigation in accordance
5 with the standards".
(2) Section 358(2) of the Code is repealed.
24. Mergers and transfers of engagements involving
foreign societies
For Division 3 of Part 7 of the Code substitute--
10 'Division 3--Mergers and transfers of
engagements involving foreign societies
376. Definitions in Division 3
In this Division--
"certificate of confirmation" means a
15 certificate given by the SSA, or by the
SSA of a participating State, to confirm
a transfer of engagements;
"corresponding provision", in relation to a
specified provision of this Code, means
20 the provision of the friendly societies
legislation of the participating State
corresponding to the specified
provision;
"foreign society" means a body corporate
25 that is a society under the friendly
societies legislation of another
participating State, whether or not it is
registered as a foreign society under
Part 11;
30 "participating State", in a provision of this
Division about a foreign society, means
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the State in which the foreign society is
incorporated;
"transferee society" means--
(a) a society to which a foreign
5 society is to transfer, or has
transferred, totally or partially, its
engagements; or
(b) a foreign society to which a
society is to transfer, or has
10 transferred, totally or partially, its
engagements;
"transferor society" means--
(a) a society that is to transfer, or has
transferred, totally or partially, its
15 engagements to a foreign society;
or
(b) a foreign society that is to transfer,
or has transferred, totally or
partially, its engagements to a
20 society.
377. Proposal for merger or transfer of
engagements
(1) This section applies if a society proposes a
consolidation of some or all of its assets,
25 liabilities and undertakings with some or all
of the assets, liabilities and undertakings of a
foreign society, by--
(a) the merger of the society and the
foreign society; or
30 (b) a total or partial transfer of the
engagements of the society to the
foreign society; or
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(c) a total or partial transfer of the
engagements of the foreign society to
the society.
(2) The proposed merger, or transfer of
5 engagements, must be approved by a special
resolution of the society unless the SSA has
determined that it may be approved by the
society's board.
(3) If the society is to approve the proposed
10 merger or transfer of engagements by special
resolution, it must prepare, and send to each
of its members, a statement approved by the
SSA specifying--
(a) the financial position of the society and
15 foreign society as shown in financial
statements that have been prepared as
at a date that is not more than 6 months
before the date of the statement; and
(b) if the proposal is for a merger, any
20 proposal for the composition of the
board of directors of the merged
society; and
(c) if the proposal is for a total transfer of
engagements, any proposal for the
25 composition of the board of directors of
the transferee society; and
(d) any interest that any officer of the
society or foreign society has in the
proposed merger, or transfer of
30 engagements; and
(e) any compensation or other
consideration proposed to be paid, or
any other incentive proposed to be
given, to any officer or member of the
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society or foreign society in relation to
the proposed merger, or transfer of
engagements; and
(f) whether the proposal is a merger, or
5 transfer of engagements and the reason
for the merger or transfer of
engagements; and
(g) if the proposal is for a transfer of
engagements, whether it is a total or
10 partial transfer of engagements; and
(h) if the proposal is for a merger, the
participating State in which the merged
society will be incorporated; and
(i) any other matter specified by the SSA.
15 (4) If, under the corresponding provision to this
section, the foreign society is required to
give its members a statement, the statement
given by the society and the statement given
by the foreign society must be consistent.
20 (5) The statement mentioned in sub-section (3)
must be sent to the members of the society so
that it will in the ordinary course of post
reach each member who is entitled to vote on
the special resolution not later than--
25 (a) if the resolution is to be decided at a
meeting, 21 days before the date of the
meeting; or
(b) if the resolution is to be decided by a
postal ballot, 21 days before the day on
30 or before which the ballot papers must
be returned by members voting in the
ballot.
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(6) The SSA may exempt the society--
(a) from the requirements to prepare the
statement mentioned in sub-section (3)
and to send the statement to its
5 members; or
(b) only from the requirement to send the
statement mentioned in sub-section (3)
to its members.
(7) The SSA may grant an exemption, or
10 approve a statement, subject to the
conditions it considers appropriate.
378. SSA may register merged society
(1) This section applies if--
(a) a society proposes a merger with a
15 foreign society; and
(b) the merged society is proposed to be
incorporated in this State.
(2) An application may be made to the SSA to
register the merged society.
20 (3) The application must be made by the society
and the foreign society jointly.
(4) The SSA must register the merged society if
it is satisfied that--
(a) the society has complied with section
25 377 and the foreign society has
complied with the corresponding
provision to section 377; and
(b) the proposed rules of the merged
society are adequate; and
30 (c) there are reasonable grounds for
believing that the merged society will
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be able to comply with the standards;
and
(d) one of the following applies--
(i) the certificate of incorporation of
5 the society has been surrendered
to the SSA;
(ii) the society's certificate of
incorporation has been lost or
destroyed; and
10 (e) one of the following applies--
(i) the certificate of incorporation of
the foreign society has been
surrendered to the SSA of the
participating State;
15 (ii) the foreign society has satisfied
the SSA of the participating State
that its certificate of incorporation
has been lost or destroyed; and
(f) there is no good reason why the merged
20 society and its rules should not be
registered.
(5) If the SSA registers the merged society, it
must also--
(a) register its rules; and
25 (b) cancel the registration of the society.
(6) On registering the merged society, the SSA
must issue a certificate of incorporation to
the merged society.
(7) A merger takes effect on the issue of the
30 certificate of incorporation under sub-section
(6).
(8) An application for the registration of a
merger under this Division--
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(a) must be made in the way and form
required by the SSA; and
(b) must be accompanied by 2 copies of the
proposed rules of the merged society
5 and any other particulars required by
the SSA.
379. Certificate of confirmation for total transfer
(1) This section applies if a society proposes a
total transfer of engagements from a foreign
10 society to the society.
(2) The society may apply to the SSA for a
certificate of confirmation of the total
transfer of engagements.
(3) The SSA must issue a certificate of
15 confirmation if it is satisfied that--
(a) the society has complied with section
377 and the foreign society has
complied with the corresponding
provision to section 377; and
20 (b) the rules, or proposed new rules, of the
society are adequate; and
(c) one of the following applies--
(i) the certificate of incorporation of
the foreign society has been
25 surrendered to the SSA of the
participating State;
(ii) the foreign society has satisfied
the SSA of the participating State
that its certificate of incorporation
30 has been lost or destroyed; and
(d) there is no good reason why the transfer
should not take effect.
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(4) An application for a certificate of
confirmation of a total transfer of
engagements under this Division--
(a) must be made in the way and form
5 required by the SSA; and
(b) if new rules are proposed for the
society, must be accompanied by 2
copies of the proposed new rules.
380. Certificate of confirmation for partial
10 transfer
(1) This section applies if a society proposes a
partial transfer of engagements from a
foreign society to the society or from the
society to a foreign society.
15 (2) The society may apply to the SSA for a
certificate of confirmation of the partial
transfer of engagements.
(3) The SSA must issue a certificate of
confirmation if it is satisfied that--
20 (a) the society has complied with section
377 and the foreign society has
complied with the corresponding
provision to section 377; and
(b) the rules, or proposed new rules, of the
25 transferee society are adequate; and
(c) the SSA of the participating State has
issued, or is about to issue, a certificate
of confirmation of the partial transfer of
engagements for the foreign society
30 under the corresponding provision to
this section; and
(d) there is no good reason why the transfer
should not take effect.
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(4) An application for a certificate of
confirmation of a partial transfer of
engagements under this Division--
(a) must be made in the way and form
5 required by the SSA; and
(b) if the society is the transferee society,
and new rules are proposed for the
society, must be accompanied by 2
copies of the proposed new rules for the
10 society.
381. When transfer of engagements takes effect
(1) This section applies to a total or partial
transfer of engagements from a society to a
foreign society or from a foreign society to a
15 society.
(2) The transfer of engagements takes effect--
(a) if it is a total transfer of engagements--
(i) on the issue under section 379, or
the corresponding provision to
20 section 379, of the certificate of
confirmation of the transfer; or
(ii) if a later time is stated in the
certificate, at the later time; or
(b) if it is a partial transfer of
25 engagements--
(i) when the certificates of
confirmation of the transfer have
issued, under section 380, and the
corresponding provision to section
30 380, to both the transferor and
transferee societies; or
(ii) if a later time is stated in the
certificates, at the later time.
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382. Effect of merger
(1) This section applies on a merger of a society
and a foreign society taking effect, whether
the merged society is registered under
5 section 378 or the corresponding provision to
section 378.
(2) The merged society is the successor of the
merging societies.
(3) Without limiting sub-section (2)--
10 (a) the members of each merging society
become members of the merged
society; and
(b) all assets and liabilities of each merging
society become assets and liabilities of
15 the merged society without any
conveyance, transfer or assignment;
and
(c) in all documents (including, for
example, a contract to which a merging
20 society was a party), a reference to a
merging society is a reference to the
merged society; and
(d) a legal proceeding by or against a
merging society that is not finished
25 when the merger takes effect may be
continued and finished by or against the
merged society; and
(e) the duties, obligations, immunities,
rights and privileges applying to a
30 merging society apply to the merged
society.
383. Effect of transfer of engagements
(1) This section applies on a total transfer of
engagements taking effect under section 381.
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Friendly Societies (Victoria) (Amendment) Act 1997
s. 24
Act No.
(2) This section also applies on a partial transfer
of engagements taking effect under section
381, but only--
(a) subject to the terms on which the
5 transfer takes place; and
(b) to the extent necessary to give effect to
the transfer.
(3) The transferee society is the successor of the
transferor society.
10 (4) Without limiting sub-section (3)--
(a) the members of the transferor society
become members of the transferee
society; and
(b) all assets and liabilities of the transferor
15 society become assets and liabilities of
the transferee society without any
conveyance, transfer or assignment;
and
(c) in all documents (including, for
20 example, a contract to which the
transferor society was a party), a
reference to the transferor society is a
reference to the transferee society; and
(d) a legal proceeding by or against the
25 transferor society that is not finished
when the transfer of engagements takes
effect may be continued and finished by
or against the transferee society; and
(e) the duties, obligations, immunities,
30 rights and privileges applying to the
transferor society apply to the
transferee society.
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Friendly Societies (Victoria) (Amendment) Act 1997
s. 25
Act No.
384. Surrender of certificate of incorporation
(1) This section applies if a society proposes--
(a) to merge with a foreign society, and
under the proposal, the merged society
5 is to be incorporated in the participating
State; or
(b) a total transfer of its engagements to a
foreign society.
(2) After the proposed merger or transfer has
10 been approved under section 377, the society
must surrender its certificate of incorporation
to the SSA.
(3) Upon the merger or transfer of engagements
taking effect under the friendly societies
15 legislation of the participating State, the SSA
must cancel the registration of the society.'.
25. Definitions in Part 11
In section 426 of the Code--
(a) the definition of "applicable standard" is
20 repealed;
(b) in paragraphs (h) and (i) of the definition of
"carrying on business"--
(i) for "this State" substitute "another
State";
25 (ii) for "another State" substitute "this
State".
26. Registration of foreign societies
(1) In section 427(2) of the Code--
(a) in paragraph (a), for "a certificate of the
30 SSA" substitute "a certificate issued within
the preceding 2 months by the SSA";
(b) for paragraph (c) substitute--
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Friendly Societies (Victoria) (Amendment) Act 1997
s. 27
Act No.
"(c) a statutory declaration by 2 directors of
the society stating--
(i) the name and address of the office
of the person who is to act as
5 agent of the society in this State;
and
(ii) any names that the society
proposes to use in this State that
have been approved under Part 6A
10 of the AFIC Code and the
conditions for the use of any
approved name; and".
(2) In section 427(3) of the Code--
(a) in paragraph (a) omit "and";
15 (b) paragraph (b) is repealed.
(3) In section 427 of the Code, after sub-section (3)
insert--
"(4) A society is not eligible for registration
under this section unless each name under
20 which it proposes to carry on business in this
State--
(a) is identical with a name under which it
carries on business in the participating
State in which the society is
25 incorporated; and
(b) has been reserved for the society for
use in this State by AFIC under Part 6A
of the AFIC Code.".
27. Agents of foreign societies
30 (1) In section 428 of the Code, for sub-section (2)
substitute--
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s. 28
Act No.
"(2) A foreign society must--
(a) appoint an agent who is a person
ordinarily resident in this State or a
body corporate incorporated in this
5 State; and
(b) obtain the written consent of the agent
to act as the agent of the society in this
State; and
(c) authorise the agent to accept on the
10 society's behalf service of processes
and notices; and
(d) ensure that the agent maintains an
office in this State and that the office is
attended by the agent or a
15 representative of the agent at all times
during ordinary business hours.".
(2) Section 428(3) of the Code is repealed.
28. Repeal of section 429
Section 429 of the Code is repealed.
20 29. Service on agent
Section 431(2) of the Code is repealed.
30. SSA to be notified of certain changes
For section 433 of the Code substitute--
"433. SSA to be notified of certain changes
25 (1) A foreign society must, within one month
after a change affecting the agent of the
foreign society (or the address of the agent's
office), lodge with the SSA particulars of
that change accompanied by the prescribed
30 documents.
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Friendly Societies (Victoria) (Amendment) Act 1997
s. 31
Act No.
(2) A change referred to in sub-section (1) takes
effect at the end of the day on which the
society lodges the particulars and the
documents required under sub-section (1).".
5 31. Balance sheets
Section 434 of the Code is repealed.
32. SSA to provide certain documents
In section 437 of the Code, for "are held by the
SSA in accordance with section 27" substitute
10 "may be inspected at the public office of the SSA
in this State".
33. Transitional provisions for benefit funds
(1) In section 483 of the Code, before "A" insert
"(1)".
15 (2) In section 483 of the Code, omit "and continues,
unless restructured or terminated in accordance
with Part 4A, as a benefit fund of the society".
(3) At the end of section 483 of the Code insert--
"(2) Sub-section (1) does not apply to a benefit
20 fund of a continuing society from which only
non-monetary benefits were provided before
the commencement of this section.".
34. Transitional provision for accounts
After section 489 of the Code insert--
25 "489A. Accounts
The directors of a society must prepare, or
cause to be prepared, accounts for the
financial year last ended before the
commencement of this Code--
30 (a) as if the friendly societies legislation
had not been enacted; or
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Friendly Societies (Victoria) (Amendment) Act 1997
s. 35
Act No.
(b) in accordance with Part 6 of this Code
and the standards.".
35. Transitional provision for Part 4B
For section 492 of the Code substitute--
5 "492. Operation of Part 4B
(1) Despite the commencement of Part 4B, a
failure to comply with that Part during the
period of 6 months after that commencement
is not a contravention of this Code.
10 (2) The SSA may, in writing given to a society,
exempt the society from compliance with
Division 2 of Part 4B in respect of one or
more benefit funds for a further period
ending not later than 12 months after the
15 commencement of that Division.
(3) An exemption under sub-section (2) applies
to the society and anything done by any
person in relation to the society and may be
given subject to such conditions as are
20 specified in the notice.".
_______________
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Friendly Societies (Victoria) (Amendment) Act 1997
s. 36
Act No.
PART 3--AMENDMENT OF FRIENDLY SOCIETIES
(VICTORIA) ACT 1996
36. New section 21A inserted
After section 21 of the Friendly Societies
5 (Victoria) Act 1996, in Part 7 insert--
"21A. Indictable offences
An offence under the Friendly Societies
(Victoria) Code that is punishable by a
period of imprisonment of more than 2 years
10 is an indictable offence.".
_______________
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Friendly Societies (Victoria) (Amendment) Act 1997
s. 37
Act No.
PART 4--AMENDMENT OF FINANCIAL INSTITUTIONS
(VICTORIA) ACT 1992
37. New definition inserted
(1) In section 7(1) of the Financial Institutions
5 (Victoria) Act 1992 insert--
' "Friendly Societies Code" means the Friendly
Societies (Victoria) Code;'.
(2) In section 10(1) of the Financial Institutions
(Victoria) Act 1992 insert--
10 ' "Friendly Societies Code" means the Friendly
Societies (Victoria) Code;'.
38. New section 54A inserted
After section 54 of the Financial Institutions
(Victoria) Act 1992, in Part 9 insert--
15 "54A. Indictable offences
An offence under the Financial Institutions
(Victoria) Code that is punishable by a
period of imprisonment of more than 2 years
is an indictable offence.".
20 _______________
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Friendly Societies (Victoria) (Amendment) Act 1997
s. 39
Act No.
PART 5--MINOR AND CONSEQUENTIAL AMENDMENTS
39. Statute law revision
(1) In section 3 of the Code--
(a) in the definition of "accounts" for " reports"
5 (where secondly occurring) substitute
"report";
(b) in the definitions of "AFIC Code" and
"Appeals Tribunal" omit "(Queensland)";
(c) in the definition of "inspector", for "77"
10 substitute "33".
(2) In section 4(1)(f) of the Code, for "11" substitute
"10".
(3) In section 30(3) of the Code, for "approvel"
substitute "approval".
15 (4) In section 40(7)(b) of the Code, for "83 (Offence
related warrants)" substitute "39".
(5) In section 69(3) of the Code, for "sub-section (3)"
substitute "sub-section (4)".
(6) In section 96(1)(b) of the Code, for "a" substitute
20 "the".
(7) In section 111(1)(b) of the Code, for "fund"
(where first occurring) substitute "funds".
(8) In section 126 of the Code--
(a) in the definition of "application period" for
25 "provison" substitute "provision";
(b) in paragraph (c) of the definition of "proper
authority", for "Code" substitute "Part".
(9) In section 171(2) of the Code omit "a person by".
(10) In section 215(1) of the Code, after "a
30 contravention of" insert "section".
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s. 40
Act No.
(11) In section 285(3)(a) of the Code, for "re-election"
substitute "election".
(12) In section 298(10) of the Code, for "10"
substitute "9".
5 (13) In section 314(4) of the Code, for "resolutuion"
substitute "resolution".
(14) In section 317(9)(b) of the Code, for "from"
(where secondly occurring) substitute "form".
(15) In section 338(1)(c) of the Code, for "269"
10 substitute "331".
(16) In section 361(6) of the Code, for "6" (where
secondly occurring) substitute "7".
(17) In section 479(4) of the Code, for "transactions"
substitute "arrangements".
15 40. Consequential amendments
An Act specified in the heading to an item in
Schedule 1 is amended as set out in that item.
__________________
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Sch. 1
Act No.
SCHEDULE 1
CONSEQUENTIAL AMENDMENTS
1. Benefit Associations Act 1958
1.1. In section 4(3)(a), for "Friendly Societies Act 1986"
5 substitute "Friendly Societies (Victoria) Code".
1.2. In section 10, for "Friendly Societies Act 1986" substitute
"Friendly Societies (Victoria) Code".
2. Co-operation Act 1981
2.1. In section 52(3)(a), for "Friendly Societies Act 1986"
10 substitute "Friendly Societies (Victoria) Code".
2.2. In section 54(7)(a), for "Friendly Societies Act 1986"
substitute "Friendly Societies (Victoria) Code".
2.3. In section 219, for "Friendly Societies Act 1986"
substitute "Friendly Societies (Victoria) Code".
15 3. Co-operatives Act 1996
3.1. In section 306(e), for "Friendly Societies Act 1986"
substitute "Friendly Societies (Victoria) Code".
4. Co-operative Housing Societies Act 1958
4.1. In section 9(1), for "registered under the Friendly Societies
20 Act 1986" substitute "registered or to be taken to be
registered under the Friendly Societies (Victoria) Code".
4.2. In section 73, for "registered under the Friendly Societies
Act 1986" substitute "registered or to be taken to be
registered under the Friendly Societies (Victoria) Code".
25 5. Corporations (Victoria) Act 1990
5.1. In section 93, paragraph (e) is repealed.
6. Dentists Act 1972
6.1. In section 36(4)(iv), for "Friendly Societies Act 1986"
substitute "Friendly Societies (Victoria) Code".
30 7. Environment Protection Act 1970
7.1. In section 4, for paragraph (c) of the definition of "financial
institution" substitute--
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Friendly Societies (Victoria) (Amendment) Act 1997
Sch. 1
Act No.
"(c) a society within the meaning of the Friendly Societies
(Victoria) Code; or".
8. Financial Institutions Duty Act 1982
8.1. In section 4(2)--
5 (a) omit "the Friendly Societies Act 1986,";
(b) before "Industrial and Provident Societies Act
1958" insert "Friendly Societies (Victoria) Code or
the".
9. Funerals (Pre-paid Money) Act 1993
10 9.1. For section 6(1)(a) substitute--
"(a) a benefit fund of a society within the meaning of the
Friendly Societies (Victoria) Code; or".
10. Industrial and Provident Societies Act 1958
10.1. In section 41A(1)(c), omit ", the Friendly Societies Act
15 1958".
10.2. Sections 47B and 47D are repealed.
10.3. In section 47E(1)--
(a) omit "or" at the end of paragraph (c);
(b) paragraph (d) is repealed.
20 10.4. In section 47F, for ", incorporated association or friendly
society" (wherever occurring) substitute "or incorporated
association".
11. Pharmacists Act 1974
11.1. In section 3, in paragraph (b) of the definition of "pharmacy
25 department", after "Friendly Societies Act 1986" insert
"or the Friendly Societies (Victoria) Code".
11.2. In section 21(4), for "registered society within the meaning
of the Friendly Societies Act 1986 while the society is
acting in accordance with that Act" substitute "society
30 within the meaning of the Friendly Societies (Victoria)
Code while the society is acting in accordance with that
Code".
12. Statistics Act 1958
12.1. Sections 6 and 8 are repealed.
35
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Friendly Societies (Victoria) (Amendment) Act 1997
Sch. 1
Act No.
13. Trade Unions Act 1958
13.1. In section 6--
(a) paragraph (a), for "Friendly Societies Act 1986"
substitute "Friendly Societies (Victoria) Act
5 1996";
(b) after paragraph (d) insert--
"(e) The Friendly Societies (Victoria) Code--";
(c) after "section 79 of the Friendly Societies Act 1986"
insert "as in force immediately before the
10 commencement of the Friendly Societies (Victoria)
Act 1996".
14. Unclaimed Moneys Act 1962
14.1. In section 9(1), in the definition of "business", for paragraph
(e) substitute--
15 "(e) a society within the meaning of the Friendly Societies
(Victoria) Code; or".
34
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Friendly Societies (Victoria) (Amendment) Act 1997
Notes
Act No.
NOTES
By Authority. Government Printer for the State of Victoria.
35
531176B.I1-22/4/97
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