Document ID: chunk:federal_register_of_legislation:C2004C01110:clause:4_16z
Version: federal_register_of_legislation:C2004C01110
Segment Type: clause
Provision Reference: sch 4 cl 16Z
Character Range: 175134–175966

16Z  Contractual effect of approved benefit fund rules and policies

 (1) Approved benefit fund rules of a friendly society have effect as a contract between the friendly society and each person who is, because of section 16F, taken to be the owner of a policy referable to the benefit fund.

 (2) Without limiting the generality of subsection (1), a policy that is, because of section 16F, taken to be issued by a friendly society has effect, and may be enforced, as a contract between:
 (a) the person who is, because of that section, taken to be the owner of the policy; and
 (b) either:
 (i) the friendly society that is taken to have issued the policy; or
 (ii) if that friendly society's liabilities under the policy have been transferred or assigned to another company—that other company.

Division 5—Other modifications