Victorian Consolidated Legislation

Funerals Act 2006 - SECT 30

Procedure for investment

30. Procedure for investment



(1) A funeral provider must ensure that an investment or payment under section
29(1) or (2) is made-

   (a)  in the name of the person in respect of whom the funeral services are
        to be supplied; and

   (b)  in accordance with the contract.

Penalty: 600 penalty units.

(2) A funeral provider must ensure that any investment or payment under
section 29 is made-

   (a)  if the money is paid to the funeral provider in cash, before the end
        of the third business day; and

   (b)  if the money is paid to the funeral provider otherwise than in cash,
        before the end of the seventh business day-

after the money is received by the funeral provider or by any agent or
associate of the funeral provider. Penalty: 600 penalty units.

(3) Within 21 days after receipt of any money paid to a funeral provider under
a pre-paid funeral contract by or on behalf of any other party to the
contract, the funeral provider must give that other party copies of any
documents-

   (a)  which relate to any payment or investment of that money under section
        29; and

   (b)  which are in a class of documents approved under subsection (4).

Penalty: 120 penalty units.

(4) The Minister may by notice published in the Government Gazette approve
classes of documents for the purposes of this section.

(5) If an investment is made under section 29(1)(b), 29(1)(c) or 29(1)(d), the
funeral provider concerned must inform the investment body that the investment
is made for the purpose of a funeral service to be supplied under a pre-paid
funeral contract.

Penalty: 120 penalty units.